The US Biden administration is preparing to impose additional sanctions targeting vessels carrying Russian oil sold above the Western price cap of $60 per barrel, Reuters reports, citing two sources with knowledge of the matter.
One source told Reuters on 5 January that “It is going to be a big package,” while another source said the measures would include actions against individuals involved in networks trading oil above the established price cap.
The sanctions will target Russia’s “shadow fleet” of aging ships used to evade the price cap, estimated to contain hundreds of ships. The US has already previously sanctioned dozens of vessels. This is part of efforts to reduce Russia’s oil revenue and access to supplies supporting its war in Ukraine.
The fleet relies on aging, underregulated tankers and cargo vessels to transport oil covertly. Employing tactics like ship-to-ship transfers to hide oil origins, this practice bypasses oversight, raises transparency issues, and heightens risks of environmental disasters, including oil spills.
US Treasury Secretary Janet Yellen confirmed to Reuters last month that the US was considering further sanctions on tankers, and would not rule out penalties against Chinese banks.
Related:
- Ukrainian public figures to world leaders: Do not appease evil
- Finnish probe uncovers kilometers-long anchor drag marks in Baltic cable damage
- German FM calls for more Russian shadow fleet sanctions after Baltic cable damage
- UK announces new sanctions against Russia and £35 million of emergency support for Ukraine
- Bloomberg: US considers new Russia oil sanctions to weaken Putin ahead of Trump presidency
- Russia’s navy-escorted tanker targets Bundeswehr helicopter with warning flares in Baltic
- Britain imposes largest sanctions package against Russia’s shadow fleet
- EU Parliament demands crackdown on Russia’s shadow tanker fleet
- Panama cancels registration of four tankers from Russia’s shadow fleet
