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US-RUSSIA: Biden Weighing New Sanctions Against Russian Energy Sector

US-RUSSIA
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The Washington Post reports, citing sources 'familiar with the matter', that US President Joe Biden is weighing 'major new sanctions' against Russia's energy sector, potentially handing President-elect Donald Trump leverage over Russian President Vladimir Putin in Ukraine negotiations, expected to take place shortly after Trump takes office on January 20. 

  • The Post reports the sanctions would target the "so-called “dark fleet” of international ships carrying Russian oil to non-Western countries as well as targeted Russian oil exporters, who have not been sanctioned up to now... The options also include revoking a license enabling banks to process Russian energy transactions..."
  • Peter Harrell, a former senior Biden administration official now at the Carnegie Endowment for International Peace, said: “The goal of a new major sanctions action should be a double-digit decline in [Russia's] export revenue, over a period of six to 12 months,”
  • Edward Fishman, an advocate for harsher measures targeting Russia's energy revenue at Columbia University’s Center on Global Energy Policy, said: "The Biden administration has been worried about increasing gas prices and worsening inflation. That was the main constraint on their Russia sanctions policy — the domestic ramifications. But the election is over and inflation is under control. The reasons to be this cautious on sanctions don’t apply anymore.”
  • Bob McNally at Rapidan Energy Group said that although, “...softer global fundamentals... leave room for President Biden and President Trump to tighten sanctions on Russia and Iran, that room is not unlimited,” 
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The Washington Post reports, citing sources 'familiar with the matter', that US President Joe Biden is weighing 'major new sanctions' against Russia's energy sector, potentially handing President-elect Donald Trump leverage over Russian President Vladimir Putin in Ukraine negotiations, expected to take place shortly after Trump takes office on January 20. 

  • The Post reports the sanctions would target the "so-called “dark fleet” of international ships carrying Russian oil to non-Western countries as well as targeted Russian oil exporters, who have not been sanctioned up to now... The options also include revoking a license enabling banks to process Russian energy transactions..."
  • Peter Harrell, a former senior Biden administration official now at the Carnegie Endowment for International Peace, said: “The goal of a new major sanctions action should be a double-digit decline in [Russia's] export revenue, over a period of six to 12 months,”
  • Edward Fishman, an advocate for harsher measures targeting Russia's energy revenue at Columbia University’s Center on Global Energy Policy, said: "The Biden administration has been worried about increasing gas prices and worsening inflation. That was the main constraint on their Russia sanctions policy — the domestic ramifications. But the election is over and inflation is under control. The reasons to be this cautious on sanctions don’t apply anymore.”
  • Bob McNally at Rapidan Energy Group said that although, “...softer global fundamentals... leave room for President Biden and President Trump to tighten sanctions on Russia and Iran, that room is not unlimited,”