U.S. Imposes New Sanctions to Squeeze Russias Energy Sector

The United States on Friday announced new sanctions targeting Russia’s energy sector and its “shadow fleet” of oil tankers in what could be a final attempt by the Biden administration to cripple the Russian economy in response to Moscow’s war in Ukraine.President Biden has been cautious in his approach to sanctions on Russia’s energy sector out of concern that shutting off its exports would send gasoline prices surging around the world.But U.S.

officials said healthier global oil supplies and the easing of inflation presented an opportunity to exert more pressure on Russia’s oil industry as the war approaches its fourth year.Despite a coordinated effort by Western allies to economically punish Moscow for its actions, the Russian economy has avoided the collapse that many economists predicted.The moves from the Biden administration will put the onus on the Trump administration to decide whether to enforce the sanctions.Senior Biden administration officials demurred when asked if the sanctions were discussed with President-elect Donald J.

Trump’s transition team but said they expected the measures to provide the next administration with additional leverage over Russia to negotiate an end to the war.“The United States is taking sweeping action against Russia’s key source of revenue for funding its brutal and illegal war against Ukraine,” Treasury Secretary Janet L.Yellen said in a statement.

“With today’s sanctions, we are ratcheting up the sanctions risk associated with Russia’s oil trade, including shipping and financial facilitation in support of Russia’s oil exports.”Oil prices jumped on Friday ahead of the announcement of the sanctions amid concerns that new restrictions, along with severe weather in the United States and wildfires California, could constrain global energy supplies.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify acces...