Biden administration prepares new sanctions against Russian oil exports

The administration of US President Joe Biden is developing new, tougher sanctions against the lucrative oil trade with Russia. In this way, the team is trying to increase pressure on the Kremlin's military industry on the eve of Donald Trump's return to the White House.

This was reported by RBC-Ukraine with reference to Bloomberg.

The details of possible new measures are still being worked out, but according to the publication's sources, Biden's team is considering restrictions that could affect some types of Russian oil exports.

The agency notes that the US president has long resisted such a decision due to fears that it could provoke a spike in energy prices, especially ahead of the November presidential election.

“However, with oil prices plunging amid a global glut and concerns that Trump may try to force Ukraine to strike a quick deal with Russia to end the nearly three-year war, the Biden administration is now open to more aggressive action,” Bloomberg sources said.

According to the agency, the discussions indicate a greater willingness of the Biden team to take risks in confronting Russia as the administration's term comes to an end. In addition, the willingness is also due to the fact that previous attempts to limit Russia's energy revenues have yielded mixed results, and average gasoline prices in the United States have reached their lowest level since mid-2021.

Author - Dmitriy Levchenko, 11/12/2024