Biden hits Putin’s Russia with his harshest tariffs yet: What happens now?
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The Biden administration has unleashed its toughest sanctions to date on Russia, targeting Moscow’s prized energy sector and its elusive “shadow fleet” of oil tankers. The United States Oval Office rolled out a package of measures aimed squarely at crippling Russia’s ability to fund its war in Ukraine. Treasury officials labeled these actions the “most aggressive” since the start of the invasion, with over 180 tankers blacklisted, along with Russian oil giants Gazprom Neft and Surgutneftegas. For years, President Biden has avoided a full-on assault on Russia’s energy exports, fearing global oil prices would skyrocket and leave Americans footing an even higher gas bill. But with inflation cooling off and global oil supplies looking healthier, the administration decided to hit Putin where it hurts most: his oil profits. The crackdown on Russia’s shadow fleet If there’s one thing Putin’s Russia knows how to do, it’s evade sanctions. Enter the shadow fleet—a murky network of aging oil tankers, often flagged in obscure countries, designed to smuggle Russian crude around the world while thumbing its nose at Western sanctions. For the Kremlin, this clandestine fleet has been a lifeline, hauling oil to markets like China and India despite global restrictions. Now, America’s Treasury Department has made it clear this party is over. To make life even harder for Putin, the sanctions also hit liquefied natural gas projects and key players in the Russian energy ecosystem, from engineers to financiers. Oil prices, global markets, and the next administration’s headache The effect of Biden’s sanctions was felt almost immediately. Oil prices spiked on Friday as markets braced for potential supply disruptions. Combine that with extreme weather in the U.S. and ongoing wildfires in California, and it’s easy to see why traders were sweating bullets. Yet Biden’s team insists that the global oil market is…
Filed under: News - @ January 10, 2025 6:26 pm