💨 Abstract

The Biden administration has imposed its broadest sanctions yet targeting Russia's oil and gas revenues, aiming to reduce funds for the ongoing war in Ukraine. The sanctions impact oil producers, tankers, intermediaries, traders, and ports, potentially costing Russia billions of dollars per month. The move includes the revoking of a provision that exempted energy payment intermediation from sanctions on Russian banks.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖