US and EU to Approve New anti-Russian Oil Sanctions – Bloomberg

Before Donald Trump replaces Biden, the U.S. President’s administration is considering new sanctions against the trade of Russian oil products, according to Bloomberg.

Individuals familiar with the discussions, who agreed to comment anonymously, say that the details of the new restrictions are still being developed, but overall, they are about sanctions against Russian oil exports, including new sanctions against the so-called shadow fleet of tankers that carry Russian oil.

The sanctions could be announced “in the upcoming weeks” and are likely to be coordinated with the European Union sanctions, which are also expected to be implemented by the end of the year.

One possible model is the application of tougher sanctions similar to those on Iranian oil, which entail penalties for buyers of this product. This would be a bold step, considering that India, China, and some EU members are among the buyers of Russian oil. Such a move would increase pressure on Russia ahead of the change of power in the United States.

In this context, it is worth noting that in November, the United States imposed sanctions on Gazprombank, which had not previously been under restrictions. After that, the EU appealed to the United States to ease sanctions against Gazprombank because some EU countries still buy Russian gas and need ways to pay for it. However, as we reported earlier, the Czech Republic already decided not to seek an exemption from EU sanctions on Russian oil imports.