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Impact of US Sanctions on Russian Oil Revenue by Mar 31, 2025
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Reports from international energy market analysts and U.S. government announcements
Story
Biden Administration to Sanction Russian Oil Tankers Above $60/Barrel Cap Before Trump's Inauguration
Jan 6, 2025, 07:17 AM
The Biden administration is set to impose additional sanctions on tankers carrying Russian oil, targeting vessels that transport oil sold above the $60 per barrel price cap established by Western countries. These measures aim to reduce Russia's oil revenue, which has been used to fund its war in Ukraine. The sanctions will focus on Russia's 'shadow fleet' of aging vessels, which are often unsafe and prone to oil spills. The U.S. has already sanctioned dozens of such ships since Russia's 2022 invasion of Ukraine. The new sanctions package is expected to be significant and may also target individuals involved in trading oil above the cap, as well as potentially extend to Chinese banks supporting such transactions. The administration plans to enact these sanctions before the inauguration of President-elect Donald Trump on January 20, 2025.
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