Biden may impose "serious sanctions" on Russia's energy sector by end of his term – WP

Joe Biden’s administration  has been considering the introduction of new "serious sanctions" targeting Russia's energy sector before the end of the US president’s term.

The Washington Post sources suggest that measures under discussion within Biden's team include new restrictions on the shadow fleet transporting Russian oil in circumvention of current sanctions, as well as targeting Russian oil exporters not yet under sanctions.

Additionally, the administration is considering revoking licences allowing banks to process transactions related to Russian energy exports, the paper reports.

The Washington Post's sources say Biden had previously avoided overly harsh sanctions on Russia's energy sector, fearing a sharp rise in global oil prices and, consequently, higher fuel costs in the US.

However, with inflation declining and the global oil market stabilising, these concerns are reportedly less significant now.

A senior Biden administration official told WP that the new sanctions aim to ensure Ukraine is in "the best possible position" for self-defenсe and potential peace negotiations under "just" terms.

"This action would be another step toward achieving that objective," the official added on condition of anonymity.

Earlier, Bloomberg reported that the Group of Seven (G7) nations are discussing a possible reduction in the so-called price cap on seaborne Russian oil to limit Russia's oil revenues.

In addition, the EU adopted its 15th sanctions package against Russia on 16 December, aimed at countering sanctions evasion by targeting Russia's shadow fleet and weakening its defence industrial base.