Biden Administration To Impose Harsher Sanctions on Russian Oil Exports, Says Bloomberg

The Biden administration is considering imposing additional, harsher sanctions on Russian oil exports, reports Bloomberg on December 11.

These measures aim to increase pressure on Russia’s military capabilities in the weeks leading up to President-elect Donald Trump’s inauguration.

According to Bloomberg, President Biden previously avoided the implementation of tougher sanctions on Russia’s lucrative oil trade out of concern they might trigger a sharp increase in energy prices. However, with US gasoline prices now at their lowest levels since 2021, the administration is taking a more aggressive approach.

As its term draws to a close, the Biden administration has also strengthened military and financial support for Ukraine amid concerns that aid might be compromised under the coming Trump administration.

Additionally, the White House is considering imposing sanctions targeting Russia’s shadow fleet. 

The EU is reportedly planning to adopt similar measures by the end of the year, including sanctions against individuals involved in Russia’s oil trade.

According to Ukrainian outlet UA War Infographic, as of October, Russia has generated $832 billion from its oil trade since the beginning of the full-scale invasion in February 2024.