Official announcements from the Biden Administration or U.S. Treasury Department

Biden Administration to Sanction Over 100 Russian Oil Tankers Before Trump's Inauguration

Jan 7, 2025, 12:45 AM

The Biden administration is preparing to impose new sanctions on Russia, targeting its oil revenues by focusing on tankers that transport Russian crude sold above the $60-per-barrel price cap set by Western nations. These measures are part of a broader effort to disrupt Russia's ability to finance its war against Ukraine. The sanctions package is expected to be substantial, potentially affecting over 100 tankers, two Russian oil companies, oil traders, and Russian insurance firms. Russia has been using a shadow fleet of outdated vessels to circumvent these restrictions, which are less secure and more prone to environmental hazards like oil spills. The administration aims to finalize these sanctions before President-elect Donald Trump takes office on January 20, amid uncertainties about his stance on sanctions against Russia. Much of Russia's oil trade has been redirected to countries like China and India, often sold at a discount but still above the Western price cap.