The Biden administration plans to impose more sanctions on Russia over its war on Ukraine, taking aim at its oil revenues with action against tankers carrying Russian crude, three sources with knowledge
The Biden administration plans to impose more sanctions on Russia over its war on Ukraine, taking aim at its oil revenues with action against tankers carrying Russian crude, three sources with knowledge of the matter said.
President Joe Biden's administration has sought to shore up support for Ukraine before President-elect Donald Trump takes office on Jan. 20, given the Republican leader's frequent complaints about the cost of U.S. support for Ukraine.
"It's a very substantial package. Two Russian oil companies, more than 100 tankers, oil traders, Russian insurance companies etc.," one of the officials said, without naming the entities.
It is unclear what Trump's approach to sanctions on Russia will be.
The Biden administration is planning sanctions targeting tankers that carry Russian oil sold above the West's $60 per barrel price cap, the sources said.
Even if sold above the price cap, Russian crude has typically sold at a discount to the overall market, and China and India have been willing to purchase supplies.
The U.S. admininstration has informed India's foreign ministry about the upcoming sanctions, the first official said, noting a market awash with oil and the fact that oil prices are low LCOc1 could help India meet its
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