The administration of US President Joe Biden is considering imposing major new financial sanctions against Russia's energy sector, partly to give the new Trump team leverage in negotiations over Ukraine. UNN reports with reference to The Washington Post.
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President Joe Biden is considering imposing major new sanctions on Russia's energy sector in his final weeks in office, according to four people familiar with the matter. The administration is considering a “parting shot” in its financial war against Vladimir Putin.
The move will reportedly also give President-elect Donald Trump's team more leverage in negotiations with Putin to end Russia's war with Ukraine.
According to several people familiar with the matter, the sanctions will target the so-called “dark fleet” - international ships transporting Russian oil to non-Western countries - as well as Russian oil exporters that have not yet been subject to restrictions. According to the interlocutors, one of the possible options is to revoke the license that allows banks to process transactions with Russian energy carriers.
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The Washington Post notes that since Russia's full-scale invasion, the White House has been wary of cutting off Russian energy exports too harshly, fearing a spike in global oil prices - and gasoline prices for American motorists. But inflation is down significantly from what it was a few years ago, and the elections are behind us, changing the political landscape.
“The goal of the new large-scale sanctions should be a double-digit decline in export revenues within six to 12 months,” said Peter Harrell, former senior director of the Biden administration for international economics and now a fellow at the Carnegie Endowment for International Peace.
However, he tempered his expectations. “Even if the blow is significant, Russia will continue to receive significant export revenues,” he said.
A senior administration official called these measures necessary to ensure that Ukraine is in the “best possible position” to defend itself and negotiate peace on “fair” terms.
“This action will be another step towards achieving this goal,” said the official, who also spoke on condition of anonymity.