On the sidelines of the sanctions taken by the United States and the United Kingdom targeting the Russian oil industry, Joe Biden estimated that Vladimir Putin was “in bad shape”.
Joe Biden declared this Friday, January 10 that Russian President Vladimir Putin was in “bad posture” currently, after having announced with London new coordinated sanctions against the Russian energy sector due to the war in Ukraine. “It’s really important not to give him any respite,” the American president told the press about his Russian counterpart.
The administration of outgoing US President Joe Biden announced this Friday the broadest set of sanctions targeting the Russian oil and gas industry, with the aim of giving Kiev and President-elect Donald Trump leverage to achieve a peace agreement in Ukraine.
“The most significant sanctions ever taken”
These measures are “the largest sanctions ever taken against the Russian energy sector, the biggest source of revenue for the Kremlin war machine”, a member of the Biden team said during a conference call. The logic of sanctions “is to hit every step of the Russian oil production and distribution chain”he added.
The sanctions, which could cost Russia billions of dollars per month, are notably imposed on oil companies Gazprom Neft and Surgutneftegaz. Gazprom Neft said the sanctions were unjustified and illegitimate and that the company would continue its operations.
Russian “ghost” fleet also targeted
The sanctions also target 183 ships, many of which are part of the fleet “ghost” of aging tankers operated by non-Western companies. Many of these tankers were used to transport oil to India and China, some of which transported both Russian and Iranian oil.
Hundreds of ships and many Russian oil traders have so far escaped the toughest US sanctions as Joe Biden’s administration works to avoid a global rise in oil prices. Oil producers, traders, intermediaries and ports are also targeted by the sanctions. Rumors about sanctions pushed global oil prices up 3% to nearly $80 (78 euros) a barrel on Friday.
The sanctions imposed on Russia will significantly disrupt Russian oil exports to its main buyers, India and China, four Russian oil industry sources and three Indian refining industry sources said. Russia supplies one in ten barrels of global oil production.
Trump will have to decide on the future of these sanctions
The transition team for Donald Trump, who will be sworn into the White House on January 20, did not immediately respond to a request for comment. A Joe Biden aide said he belonged “entirely” it is up to Donald Trump to decide the future of sanctions.
Any administration wishing to rescind them will have to notify the US Congress and give it the opportunity to cast a vote of disapproval, said one of the Biden administration officials, who added that a number of Republican members of Congress had urged the president to impose Friday’s sanctions.
