Reuters has reported that Joe Biden's administration plans to impose extra sanctions on Russia, concentrating on its oil revenues by actions towards tankers carrying Russian oil.

Supply: European Pravda, citing Reuters

Particulars: Reuters sources say the Biden administration plans to impose sanctions on tankers carrying Russian oil bought above the Western value of US$60 per barrel. Russia has used a so-called shadow fleet of older ships to avoid the restrictions. Transport consultants say many of those vessels are much less protected and susceptible to grease spills.

Following Russia's invasion of Ukraine in February 2022, the US imposed sanctions on dozens of such ships from a fleet estimated to quantity within the tons of to scale back its potential to finance the invasion.

One supply mentioned that it was going to be an enormous bundle. One other supply mentioned that the sanctions would doubtless embrace measures towards people concerned in networks that commerce oil at costs above the cap.

President Joe Biden's administration is making an attempt to strengthen assist for Ukraine earlier than President-elect Donald Trump takes workplace on 20 January, given the Republican chief's frequent complaints about the price of US assist for Ukraine.

It stays unclear what Trump's method to sanctions towards Russia might be.

Reuters reported final month that US Treasury Secretary Janet Yellen instructed Reuters that the US was contemplating additional sanctions on tankers and didn’t rule out sanctions on Chinese language banks because it seeks to scale back Russia's oil revenues and restrict its entry to international provides to assist the conflict in Ukraine.

Background:

• Joe Biden's administration is discussing the potential for imposing new "critical sanctions" towards the Russian vitality sector earlier than the top of his time period.
• Earlier than that, Bloomberg reported that the Group of Seven international locations had been discussing a doable discount within the so-called value ceiling for Russian oil transported by sea to restrict Russia's oil revenues.
• On 16 December, the EU adopted the fifteenth bundle of sanctions towards Russia, designed to counteract sanctions circumvention by concentrating on Russia's "shadow fleet" and weakening the Russian defence industrial base.

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