U.S. Targets Russian Oil Revenues with New Sanctions

The Biden administration plans to implement new sanctions targeting Russian oil tankers that violate the $60 per barrel price cap. These measures aim to restrict Russia's oil revenues and fund its war efforts in Ukraine. The sanctions package is expected to also target individuals linked to trading above the cap.

The Biden administration is gearing up to impose additional sanctions aimed at curtailing Russia's oil revenue, sources revealed. This decisive move targets tankers transporting Russian crude oil in defiance of the $60-per-barrel cap.

Russia's strategy to sell oil above this cap involves a shadow fleet of older ships, raising environmental concerns due to safety issues. These ships predominantly reach markets in China and India.

The comprehensive sanctions plan seeks to diminish Russia's war funding capability, with potential measures against networks dealing above the cap. Financial institutions may also face scrutiny under this extensive initiative, as the U.S. looks to cut off Russia's access to important foreign resources.

(With inputs from agencies.)