BUSINESS-ECONOMY
To further isolate the Russian military and economic infrastructure in the weeks leading up to Donald Trump's inauguration, the Biden administration is considering additional, more severe penalties on Russia's profitable oil trade. A Bloomberg report quoting sources showed President Joe Biden’s team was mulling sanctions targetting Russian oil shipments. The specific details of these proposed measures are still being finalised. Biden had long opposed the move on concerns that it may cause energy prices to skyrocket, particularly in the months leading up to November's election. However, the administration is now prepared to take more assertive measures in response to falling oil prices caused by a global surplus. This comes amid mounting concerns that Trump would rush a settlement between Russia and Ukraine to end their almost three-year war. Given the mixed outcomes of past attempts to limit the Kremlin's energy earnings, and the fact that average us fuel prices have reached their lowest level since mid-2021, the deliberations show that the administration is more prepared to take risks in confronting Russia. The Biden team has taken steps in the last few weeks to increase military and financial aid to Ukraine. The new plan includes a fresh embargo on shipments from the world's leading oil producer, targetting specific countries. This move would reverse policies put in place almost two years ago following Russia's full-scale invasion of Ukraine in February 2022. The administration is also considering further penalties against Russia's oil tanker fleet. In the next few weeks, new restrictions are likely to be placed on the so-called shadow fleet. (With inputs from the agencies) A journalist, writing for the WION Business desk. Bringing you insightful business news with a touch of creativity and simplicity. Find me on Instagram as Zihvee, tr None
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