Official data from the U.S. Energy Information Administration (EIA), credible financial news outlets

Biden Mulls Stricter Sanctions on Russian Oil, Shadow Fleet Before Trump's Term

Dec 11, 2024, 10:46 AM

The Biden administration is contemplating imposing stricter sanctions on Russian oil exports and tanker fleets in an effort to tighten pressure on Moscow before Donald Trump takes office. These potential sanctions could affect various types of Russian oil exports and the shadow fleet, with measures similar to those imposed on Iran, targeting buyers of Russian oil. Despite concerns from President Biden about rising fuel prices ahead of the presidential elections, the administration is moving forward with these plans. The Kremlin has responded, suggesting that Biden aims to leave a challenging legacy with these sanctions.