The White House is set to announce new sanctions on Russia that will specifically target its oil exports after multiple reports that Russian oil is being sold at a premium to the G7 price cap.
The Biden administration is set to announce today new sanctions on Russia targeting specifically its oil exports after multiple reports that Russian crude was selling at a significant premium to the G7 price cap of $60. CNN reported that the target of the new set of sanctions would be the so-called dark fleet of tankers carrying Russian crude around the world without going into details.
With the latest price rally, the gap between the price cap and the actual price, at which Russia was selling oil and fuels widened so much that Washington was prompted to make a statement after months of assurances the cap was working in curbing Russia’s oil revenues. Eventually, Treasury Secretary Janet Yellen was forced to admit the cap was not as effective as expected, vowing to improve enforcement of the sanctions.
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