US Preparing Tough New Sanctions on Russian Oil, Bloomberg
Date: 2024-12-11 Author: Кирило Загоруйко Categories: WORLD
The Biden administration is preparing new, tougher sanctions on Russia's oil trade, seeking to tighten the squeeze on the Kremlin's war machine ahead of Donald Trump's return to the White House.
According to Bloomberg, the details of the potential new measures are still being worked out, but President Joe Biden's team is considering restrictions that could affect some types of Russian oil exports.
"Biden has long resisted the move over concerns it could trigger a spike in energy prices. But with oil prices falling amid a global glut and concerns growing that Trump may try to force Ukraine to strike a quick deal with Russia, the Biden administration is now open to more aggressive action," the article says.
The administration is also considering new sanctions targeting the tanker fleet that Russia uses to transport its oil, and new restrictions could be unveiled in the coming weeks.
As Bloomberg notes, one model for U.S. sanctions could be similar to the restrictions on Iranian oil. In this case, buyers of oil would face punishment from the United States. At the same time, such a move is fraught with risk, given that India and China are the main consumers of Russian crude. In addition, such restrictions could lead to a sharp rise in oil prices in the near future, which would lead to tensions in the global economy.
It is noted that these steps are also aimed at increasing pressure on Russia before Trump takes office. Current officials say they want to give Ukraine as much leverage as possible before future negotiations.
"With that in mind, President Vladimir Putin's further tightening of finances could strengthen Ukraine's negotiating position. There is a chance that Trump could roll back the measures if he believes they have driven up oil prices, but that comes with potential political costs if he appears weak or offers concessions to Russia too early," Bloomberg notes.
