Biden: Record sanctions package targeting Russian oil could impact the US

(Dan Tri) - US President Joe Biden admitted that Washington's latest sanctions package targeting the Russian oil industry could affect the American people.

US President Joe Biden (Photo: Reuters).

Mr. Biden said Washington's latest sanctions against Russia's oil and gas industry could increase gasoline prices in the United States.

On January 10, the US Treasury Department announced a series of "comprehensive" sanctions against Russia, implemented in coordination with the UK.

The measures target two major oil producers, Gazprom Neft and Surgutneftegaz, along with their subsidiaries and insurance and shipping service providers. More than 180 vessels believed to have been used to transport Russian oil in defiance of Western restrictions, which the US has dubbed the “shadow fleet,” are also subject to sanctions.

This is considered the strongest US sanctions package ever targeting Russia's oil and gas revenue to increase pressure at a time when Moscow is gaining momentum on the battlefield.

Asked if he was concerned that the sanctions could cause gas prices in the US to rise, Mr Biden said the possibility could not be ruled out.

“There is a possibility that gasoline prices could go up by about 3 or 4 cents per gallon, but these sanctions will have a larger impact on Russia's ability to continue its hostilities,” he said.

“These restrictions will have a profound impact on the growth of the Russian economy,” Mr. Biden argued, adding that the sanctions were intended to hinder Moscow’s ability to finance its military activities.

John Kirby, National Security Council Coordinator for Strategic Communications at the White House, said the new sanctions would force Russian leaders to make difficult choices and lose billions of dollars every month.

He added that the US believes this will increase pressure on Moscow and contribute to Russia's already bleak economic outlook for 2025.

He said the new sanctions were putting significant pressure on the Russian economy, which would increasingly force the Russian leadership to make difficult choices.

The sanctions package comes less than two weeks before Biden's term ends. President-elect Donald Trump has criticized Biden's approach to the Ukraine conflict and pledged to find a quick solution to the war.

Moscow has dismissed previous US sanctions as “illegal”. President Vladimir Putin said Russia had overcome the challenges posed by the sanctions, saying they had spurred the development of domestic industries.

Commenting on the new restrictions, Russian Foreign Ministry spokeswoman Maria Zakharova said Mr Biden's legacy would be shaped by the "mess" he left behind.

Oil prices rose nearly 3% on January 10, hitting a three-month high as traders anticipated supply disruptions from expanded US sanctions against Russia.

Source: https://dantri.com.vn/the-gioi/ong-biden-goi-trung-phat-ky-luc-nham-vao-dau-nga-co-the-tac-dong-toi-my-20250111190940690.htm