US wants to strengthen sanctions against Russian oil

The United States should accelerate the process of strengthening sanctions against Russia by depriving the Russian defence industrial base of necessary components and reducing revenues from hydrocarbon exports.

Source: Daleep Singh, Deputy National Security Advisor for International Economics in the Biden administration, as reported by Interfax-Ukraine

Quote: "The United States should pursue two areas of action against Russia: disarming the Russian military machine and depriving it of its financial revenues." 

Details: In his opinion, this should be done by strengthening the sanctions regime and export control measures.

Singh said that Russia's supply of dual-use components depends on third countries that violate US sanctions. He noted that these primarily include China, as well as India, Türkiye, the United Arab Emirates, and a number of others.

The most important component of Russia's decline in financial income is control over its oil supplies. Singh stressed that the moment is approaching when it will be possible to talk about a much stricter regime regarding the shadow fleet and the amount of oil that Russia is allowed to supply to the market.

Singh noted that Washington should become more active in these areas.

Background:

• Due to the growth of diesel and fuel oil flows, Russian exports of oil products are recovering.
• Russian companies have increased insurance for oil cargoes to India to 60%, which allows them to sell oil above the G7 price cap of US$60.

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