(MENAFN- Live Mint) Following the imposition of broad sanctions by Washington and London on Moscow's energy sector for its invasion of Ukraine, US President Joe Biden declared on Friday that Russian President Vladimir Putin was in "tough shape."
The latest sanctions against Moscow's oil and liquefied natural gas industries, which power Russia's economy, were hailed by the departing Democratic administration as the most serious to date. According to officials, the sanctions, which target companies that conduct business with Russians, could cost the Russian Economy billions of dollars per month.
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The latest penalties also target merchants, oil field service companies, Russian energy officials, and more than 180 oil-carrying vessels that are thought to be a part of a shadow fleet that the Kremlin uses to avoid oil restrictions. According to the Treasury Department, a number of the targeted vessels are also suspected of transporting Iranian oil that is subject to sanctions.
"Putin is in tough shape right now, and I think it's really important that he not have any breathing room to continue to do the god-awful things he continues to do," Biden told reporters at the White House.
With only a few days until Donald Trump assumes the US presidency, Joe Biden went on to say that there was a "real chance Ukraine can prevail" provided it continued to get Western assistance.
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The United Kingdom also imposed penalties on Russian energy companies in the coordinated action with Washington. Both the United States and the United Kingdom are pursuing Gazprom Neft and Surgutneftegas, two of Russia's largest oil producers, along with other subsidiaries of these firms.
In an effort to put more economic pressure on Moscow before any war-ending talks take place, Ukraine's Western allies have already sanctioned around 100 ships in Russia's oil-transporting "shadow fleet."
Officials from the Biden administration stated that the decision to maintain or remove the new sanctions will ultimately rest with the Trump administration.
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Meanwhile, Donald Trump told reporters on Thursday that Putin "wants to meet, and we are setting it up.”
Trump's cordial ties with Putin over the years have drawn a lot of criticism. Additionally, the Republican president-elect has objected to the expense of aid to Kyiv, promising to act swiftly to put an end to the crisis when he takes office on January 20.
-With agency inputs
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