U.S. Considers Tougher Sanctions on Russian Oil Exports as Global Demand Declines

The Biden administration explores new measures to cut Kremlin revenues, leveraging a well-supplied oil market and low prices.

Treasury Secretary Janet Yellen stated that current low oil prices and reduced global demand create an opportunity for additional sanctions on Russian energy exports.
The Biden administration is reportedly weighing measures such as targeting Russia's shadow tanker fleet and imposing stricter restrictions on foreign buyers of Russian crude.
These potential sanctions aim to further weaken Russia's ability to finance its war in Ukraine before President-elect Donald Trump takes office in January 2025.
Russia's oil revenues have already declined significantly, with November figures showing a 21% year-over-year drop due to existing sanctions and weak energy prices.
The U.S. and European Union are coordinating efforts to limit Russia's oil trade, including targeting individuals and entities involved in circumventing price caps and sanctions.