Biden may impose sweeping sanctions on Russia's energy sector – WP

According to the WP's sources, sanctions would focus on Russia's shadow fleet and oil exporters that have so far evaded restrictions. Discussions also include the possibility of revoking licenses that currently allow banks to process transactions involving Russian energy resources.

Unnamed sources told The Washington Post that such measures would provide leverage for the incoming administration of President-elect Donald Trump in negotiations with Russian President Vladimir Putin to end the war in Ukraine.

Edward Fishman, a senior research scholar at Columbia University’s Center on Global Energy Policy, explained that the Biden administration had previously avoided imposing harsh sanctions on Russian energy due to concerns about rising gas prices and inflation.

"But the election is over and inflation is under control. The reasons to be this cautious on sanctions don’t apply anymore," he said.

A senior US administration official told The Washington Post that the new sanctions are critical to ensuring Ukraine remains in the best possible position to defend itself and negotiate peace on fair terms.

"This action would be another step toward achieving that objective," the official stated.

The WP also highlights that energy sales remain one of the primary sources of revenue for Russia's budget. According to S&P Global, the Kremlin earned approximately $100 billion from energy exports last year.

Price cap on Russian oil

The G7 countries and the European Union have introduced a price cap on Russian oil, set at $60 per barrel.

Recently, Bloomberg reported that the G7 is considering tightening the price cap. Specifically, the member states are discussing the possibility of implementing a new cap of around $40 per barrel.