Bloomberg: Biden Administration Preparing Tough Sanctions Against Russian Oil Exports

They may also affect Putin's shadow fleet.

The administration of current US President Joe Biden is now considering tougher sanctions against the Russian oil trade.

This is reported by Bloomberg.

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

The agency notes that the US president has long resisted such a decision due to concerns that it could trigger a jump in energy prices, especially on the eve of the presidential election in November.

‘However, with oil prices falling amid the global glut and concerns that Trump may try to force Ukraine into a quick agreement with Russia to end a nearly three-year war, Biden's administration is now open to taking more aggressive action,’ Bloomberg's sources said.

According to the agency, the discussions indicate a greater willingness of Biden's team to take risks in confronting Russia in the end-of-cadence situation. In addition, the readiness is also driven by concerns that previous attempts to curb Russia's energy revenues have had mixed results, with average U.S. gasoline prices hitting their lowest level since mid-2021.

In its final weeks in office, the administration also decided to increase military and financial support for Ukraine because of doubts about continued U.S. support from the Trump team.

Possible Sanctions Against Shadow Tanker Fleet

According to Bloomberg's sources, Biden's administration is also considering imposing new sanctions aimed at the tanker fleet that Russia uses to transport its oil. New restrictions on the so-called ‘shadow fleet’ could be announced in the coming weeks.

The agency also adds that the European Union plans to impose similar restrictions on the ‘shadow fleet’ before the end of the year. The EU sanctions are also expected to target individuals involved in the (Russian oil) trade.

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