Bloomberg reported that the administration of US President Joe Biden may target Russia's crude oil exports and tanker fleet.
Details of the new restrictions have yet to be finalized, but Washington is looking to target some Russian oil exports, Bloomberg reported, citing people familiar with the matter.
Although the US has banned imports of Russian oil, President Joe Biden has been reluctant to take further action on the country's crude, citing concerns about soaring energy costs.
However, with oil prices falling amid an expected surplus next year and uncertainty over Donald Trump's commitment to continuing to support Ukraine, the White House is likely to adopt harsher measures, Bloomberg noted.
The call for new sanctions is part of a flurry of moves by the outgoing US administration to ramp up measures against Russia before President Biden's term ends.
Despite efforts to paralyze the Russian economy, the Russian economy is expected to grow at 3.9% this year, Russian Deputy Prime Minister Alexander Novak said, according to TASS.
One way the US could punish Russian oil exports would be to sanction buyers of the product. Bloomberg warns that such a move would carry significant risks, as powers like India and China are Russia’s top customers, and such restrictions could also cause a spike in global oil prices.
Sanctions will also target Russia's oil tanker fleet, often described in the West as the "shadow fleet", and could be announced in the coming weeks.
Western governments have introduced price caps, along with an embargo on Russian seaborne crude, aimed at damaging the country's economy while keeping Russian crude flowing into global markets without causing a price spike.
The EU has also adopted a 15th package of sanctions targeting the so-called "dark fleet".
Sanctions against Russia over the Ukraine conflict were imposed in December 2022 and were followed by similar restrictions on exports of Russian oil products in February 2023.
The measures ban Western companies from providing insurance and other services for Russian crude shipments unless the cargoes are purchased at $60 a barrel or lower.
In response, Moscow banned Russian companies from complying with the price cap and redirected most of its oil exports to Asia, especially India and China.
