Biden may impose new major sanctions on Russia’s energy sector – media

That’s according to The Washington Post, citing sources familiar with the matter, Ukrinform reports.

According to sources, such a move would also give the future team of President-elect Donald Trump more leverage in negotiations with Russian leader Vladimir Putin on ending Russia's war against Ukraine.

It is noted that among the tions being considered is the introduction of new sanctions against Russia's shadow fleet of tankers, which Moscow employs to transport oil to non-Western countries.

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Restrictive measures may also affect Russian oil exporters that have not yet been blacklisted by the U.S. Treasury.

The interlocutors say that another tion is to revoke licenses that allow banks to process Russian financial transactions in the energy sector.

If the new U.S. sanctions against Russia go through, they could become part of Biden's economic and foreign picy legacy.

The goal of new significant sanctions should be a double-digit reduction in (Russia's – ed.) export revenues over a period of six to 12 months, according to Peter Harrell, a former senior director for international economics in the Biden administration who works at the Carnegie Endowment for International Peace.

As Ukrinform reported, the Group of Seven (G7) countries are exploring ways to reduce the price cap for Russian oil, but there is no final decision yet.