The US may tighten sanctions against the “shadow fleet” and impose restrictions on Chinese banks

The US authorities are considering the possibility of imposing additional sanctions against the so-called "shadow fleet" of the russian federation and do not rule out sanctions against Chinese banks. U.S. Treasury Secretary Janet Yellen told Reuters, UNN reports .

Details

Janet Yellen said that these measures are aimed at reducing russia's oil export revenues and limiting its access to foreign resources to finance the war in Ukraine.

The minister said in an interview that the United States and its allies may also consider lowering the $60 per barrel limit on russian oil. This limit prohibits Western insurance and maritime services for cargoes priced above this level.

The Treasury has already imposed sanctions on individual tankers and their owners for operating above the maximum price, and can do more in this area, Janet Yellen assured.

According to her, these measures can be implemented within five weeks before she leaves office.

There are a number of opportunities here. We are not predicting sanctions, but we always look at oil revenues, and if we can find ways to further reduce russian oil revenues, I think it will strengthen Ukraine's position. It remains on our list

Representatives of the US Treasury Department are also discussing with their Chinese counterparts the activities of Chinese financial institutions that could facilitate transactions related to russia's military efforts.

I would not rule out the possibility of sanctions against a single bank if we had the necessary level of evidence to impose sanctions

She also noted that China is aware of the seriousness of the threat of sanctions that could limit access to dollar transactions.

The authorities in China recognize that our imposition of sanctions would be a serious threat with very unfavorable consequences. They want to trade with russia, but they don't want their banks to be sanctioned

When asked about the possibility of a yuan depreciation to counteract the Trump administration's customs plans, Yellen noted that in recent years China has done "the exact opposite" by strengthening the yuan against the dollar. The US Treasury Department is closely monitoring possible currency manipulation, and the next reports expected in April will reflect this position.

Recall

The Biden administration is considering imposing tougher sanctions on Russia's oil trade and shadowy tanker fleet. The new restrictions may be similar to sanctions against Iran.