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U.S. officials to discuss escalating sanctions against Russian oil in Europe

U.S. officials to discuss escalating sanctions against Russian oil in Europe Illustrative photo (Photo: Getty Images)
Author: Daria Shekina

Two representatives from the US Department of the Treasury are set to travel to Europe next week to discuss the implementation of price restrictions on Russian oil, according to Reuters.

It's noted that Elizabeth Rosenberg, assistant secretary for terrorist financing and financial crimes, and Eric Van Nostrand, assistant secretary for economic policy, will travel to Brussels on December 18 and London on December 19-20.

They will hold meetings with government officials and private sector leaders. Additionally, they will discuss a wide range of policy options related to price limitations, including recent steps taken by the US, EU, and other coalition members.

Effectiveness of sanctions

The authors highlight a decrease due to inadequate monitoring and compliance with the oil price limitation policy. This policy allows Russia to sell its oil at prices above the established restriction level.

Furthermore, there's a legal loophole in oil refining that permits oil products made from Russian crude oil to reach countries in other regions, primarily affecting India, which significantly increased its oil imports from Russia.

Previously, U.S. Treasury Secretary Janet Yellen stated that Washington was preparing to take strict measures for violations of the established oil price ceiling. Additionally, the U.S. government intends to halve Russia's revenues from oil and gas exports by 2030.