The Biden administration is weighing new, harsher sanctions against Russia’s lucrative oil trade, seeking to tighten the squeeze on the Kremlin’s war machine just weeks before Donald Trump returns to the White House,
Bloomberg reports.
Details of the possible new measures were still being worked out, but President Joe Biden’s team was considering restrictions that might target some Russian oil exports, according to people familiar with the matter who asked not to be identified discussing private deliberations.
Oil revenues are a crucial source of funding for Russia's war machine, and have been repeatedly targeted by Western sanctions since the start of full-scale invasion of Ukraine.
Although no concrete decisions have been made on the potential sanctions, sources familiar with the discussions told Bloomberg that a number of avenues are being explored, including sanctions on Russia's so-called 'shadow fleet.'
The additional sanctions, targeting Russian oil tankers that carry billions of dollars worth of oil and oil products, may be unveiled in the coming weeks, the sources said.
The new sanctions are expected to be announced ahead of the January presidential inauguration, amid uncertainty over a future Trump administration's handling of peace negotiations.
While Trump has pledged to get the U.S. "out" of Russia's war and negotiate a quick peace deal, Ukrainian officials have urged the president-elect to maintain support and adopt a "peace through strength" approach in dealings with Russia.
As the White House prepares for a transition and President Joe Biden's influence diminishes in the lead-up to the inauguration, the new sanctions are under consideration amid declining oil prices, according to sources cited by Bloomberg.
