Official announcements from the White House or U.S. Department of State

Biden Administration Considers Harsher Sanctions on Russia's Oil Exports, Oil Prices Near $69 Ahead of Trump's Return

Dec 11, 2024, 08:54 AM

The Biden administration is reportedly considering the imposition of harsher sanctions on Russia's oil exports as part of an effort to increase pressure on the Kremlin. This potential move comes just weeks before Donald Trump is set to return to the White House. The sanctions are aimed at targeting Russia's lucrative oil trade, a significant source of revenue for the country amid ongoing conflicts. Biden's team appears willing to take more aggressive action despite previous hesitations due to concerns over rising fuel prices and the implications for the upcoming presidential elections. Reports indicate that the new restrictions could impact various types of Russian oil exports, potentially mirroring sanctions previously imposed on Iran. In related market news, crude oil prices have been rising, with WTI nearing $69 per barrel, driven by improved demand outlooks from China and the anticipation of U.S. sanctions against Russia.