The United States is preparing to introduce additional sanctions targeting Russian oil shipments to cut further Moscow's revenues used to finance its war in Ukraine,
Reuters reports.
President Joe Biden's administration seeks to bolster support for Ukraine before President-elect Donald Trump takes office on January 20. Given Trump's frequent complaints about the cost of US aid to Ukraine, it remains unclear how Trump will approach sanctions against Russia.
According to sources, the Biden administration is planning sanctions on tankers transporting Russian oil sold at prices above the $60 per barrel cap set by Western nations. Russia has been using a so-called shadow fleet of aging vessels to circumvent the price cap. As the maritime experts emphasize, many of these ships are less secure and prone to oil spills.
Following Russia's invasion of Ukraine in February 2022, the US imposed sanctions on dozens of vessels from this fleet, estimated to comprise hundreds of ships, to reduce Russia's capacity to fund the war.
Due to the restrictions, Russia redirected its oil sales to China and India, which have been willing to purchase Russian crude oil - often sold at a discount compared to the global market price - even when the price exceeds the established cap.
"This will be a big package," one source stated. Another source indicated that the sanctions would likely include measures against individuals involved in networks trading oil above the price limit.
US Treasury Secretary Janet Yellen told Reuters last month that the US is considering additional sanctions on tankers and has not ruled out the possibility of imposing sanctions on Chinese banks. This move aims to reduce Russia's oil revenues further and limit its access to foreign supplies necessary for continuing its war against Ukraine.
