Rubio Signals New Pressure: Russian Oil in the Crosshairs of Tougher Sanctions

The United States is moving to eliminate waivers that have allowed certain Russian oil transactions to continue despite existing sanctions, arguing that such exemptions should not remain in place longer than necessary, according to officials familiar with the matter.

This was stated by US Secretary of State Marco Rubio during a speech in the Senate, Sky News reports.

According to Rubio, the presidential administration is not interested in extending such exemptions and is considering returning to a stricter sanctions regime on the Russian oil sector.

This mechanism allowed the completion of individual deals for Russian oil and petroleum products already en route. The US previously explained this decision by the need to avoid sharp price jumps on the global energy market.

Oil exports remain one of Russia’s main sources of foreign exchange earnings, so any tightening of sanctions could hit the Russian budget, which finances the war against Ukraine.

At the same time, the US recognizes that excessive pressure on the oil market could affect global energy prices.

There is no final decision yet. The current exemption, according to American media, expires this month.

It was previously reported that the European Union is preparing a new package of sanctions against Russia. Brussels wants to increase pressure on the Kremlin through oil revenues, the banking sector, and the shadow navy.

As a reminder, the European Commission criticized the US decision to continue easing oil sanctions against Russia, stating that this will only increase the Kremlin’s profits.

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