Official announcements from the U.S. Treasury or major financial news outlets

U.S. Treasury Eyes Sanctions on Russia, Chinese Banks to Curb Oil Revenues

Dec 15, 2024, 11:29 PM

The U.S. Treasury, under Secretary Janet Yellen, is considering new sanctions aimed at reducing Russian oil revenues. These measures include potential sanctions on Chinese banks linked to Russia's defense industry and a possible reduction of the $60-per-barrel oil price cap on Russian oil. Yellen has indicated that the U.S. is looking at further sanctions on 'dark fleet' tankers, which are used by Russia to evade Western sanctions on oil sales. The U.S. aims to limit Russia's income from oil sales, which could strengthen Ukraine's position in the ongoing conflict. These potential actions are part of a broader strategy to curb Russia's financial support for its military activities, with discussions ongoing with Chinese authorities to detect and address the actions of financial institutions supporting Russia's war effort.