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Biden Administration to Sanction Tankers Carrying Russian Oil Above $60 Cap, Targeting Shadow Fleet
Jan 6, 2025, 05:11 AM
The Biden administration is preparing to impose additional sanctions on tankers carrying Russian oil, targeting vessels that transport oil sold above the $60 per barrel price cap. These measures aim to reduce Russia's oil revenue, which is being used to fund its ongoing 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 invasion of Ukraine in 2022, but the fleet remains substantial. The new sanctions may also extend to individuals involved in trading oil above the cap and could impact Chinese banks supporting such transactions, according to Treasury Secretary Janet Yellen. These efforts align with broader measures by the G7, EU, and Australia to restrict the use of Western services for oil shipments priced above the cap.
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