US fears new sanctions against rf due to election and Biden's campaign

US fears new sanctions against rf due to election and Biden's campaign

Kyiv  •  UNN

July 8 2024, 07:02 AM  •  197719 views

The White House opposes new sanctions on Russian oil tankers, fearing it could lead to higher gas prices and hurt Biden's campaign.

Efforts by U.S. officials to decommission the shadow fleet of oil tankers that allows the rf to sell oil at a high price are being opposed by the White House. According to the material NYT, the White House fears that the new fines against these tankers will lead to higher oil prices and hurt the election campaign of U.S. President Joe Biden, reports UNN.

Details

Officials in President Biden's Treasury Department are proposing new measures to crack down on the shadowy fleet of tankers that help deliver Russian oil to buyers around the world in defiance of Western sanctions. However, the US presidential administration has not yet made a decision on their introduction.

Context

In an attempt to deprive russia of the money it needs to continue the war in Ukraine, the United States and its allies have imposed fines and taken other new steps to limit Moscow's oil revenues abroad. Yet russia is increasingly finding ways around these restrictions.

Treasury officials have now turned their attention to the so-called shadow fleet of oil tankers that allows russia to sell oil at prices above $60 a barrel (above the threshold that the United States and its allies imposed in 2022).

U.S. Treasury officials now propose limiting russia's ability to profit from energy exports but not restricting international markets from oil revenues to prevent a global price shock.

Proposals for new penalties on shady flotatankers have not yet  been approved in Washington - economic advisers fear there could be repercussions that would hurt Joe Biden's election campaign.

Economic advisers at the White House are worried about the potential for higher oil prices this summer and higher gasoline prices in the U.S., which could hurt Biden's campaign

 ," the publication said.

At the same time, the article says that the US Treasury officials presented the presidential administration with analytical materials indicating that the risk of a serious impact on the oil market is low. Nevertheless, the White House did not sign these proposals.

Recall

russia has created a shadow fleet of old ice-class ships transferred to unknown companies based in dubai to transport liquefied natural gas around the world to circumvent western sanctions.