Biden's Sanction Strategy: Targeting Russia's Oil Economy

The Biden administration plans new sanctions on Russia aimed at its oil revenues. The actions will target Russian crude carried by tankers surpassing the price cap. India's informed of this strategy, and while Trump’s stance is uncertain, the U.S. looks to bolster Ukrainian support.

The Biden administration is set to implement further sanctions against Russia, focusing on oil revenues, as part of its ongoing response to the conflict in Ukraine, according to informed sources.

These sanctions will target tankers carrying Russian crude sold above the established $60 per barrel cap. Even at such rates, Russian oil often trades below market prices, with nations like China and India showing interest in making purchases.

The plan, which seeks to restrict Russia's oil income and its ability to sustain the war in Ukraine, has been communicated to India, amidst a saturated oil market with relatively low prices helping meet the country's crude needs.

(With inputs from agencies.)