The administration of President Joseph Biden may tighten United States sanctions against Russian oil exports.
Bloomberg clarifies that details of possible new sanctions are still being worked out, but Joe Biden’s team is considering restrictions that could affect some types of Russian oil exports.
The publication said the discussions highlight Biden’s team being more willing to take risks in confronting Russia as it prepares to leave, especially after previous efforts to curb the Kremlin’s energy revenues have produced mixed results and average prices . US gasoline prices hit their lowest level since mid-2021.
In recent weeks, the administration has also moved to increase military and financial support for Ukraine amid uncertainty over Trump’s possible actions towards Kyiv, Bloomberg writes.
One option could be restrictions similar to those in force for Iranian oil, but this is associated with risk and such sanctions could lead to a sharp rise in oil prices and tension in the global economy, the agency notes.
Source: Racurs
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.