Why Biden's Farewell Russian Oil Trade Sanctions Are a Big Deal

Contributing sentiments towards policy:

58% : Two large producers and exporters were sanctioned, a highly effective program of targeting individual oil tankers has been expanded dramatically, traders organizing hundreds of shipments have been listed, pivotal insurance companies have been named, and two US oil service providers have been told to exit.
55% : That doubles the entire list of vessels targeted by the US, UK and European Union up to now.
53% : Any impact on Russian oil production is likely to be felt only over the longer term and most keenly on greenfield projects that require most up-to-date technologies to pump oil profitably.
50% : Yet the wider restrictions are unlikely to have any immediate effect on Russia's ability to pump crude, as domestic providers, including companies formerly owned by foreign investors, do the bulk of oil services in the country.
48% : Oil ServicesThe sanctions also require US petroleum service companies to stop operations in Russia by Feb. 27At least two US-based global providers have continued to work in the country even after the Kremlin's invasion in Ukraine, according to their quarterly reports.
46% : That is a higher level of disruption than achieved by similar measures imposed by the UK or European Union and over a period of time more than twice as long, with the first sanctions imposed by either of those jurisdictions only coming in June 2024.
42% : Most Read from BloombergIf they stay in place under Trump, the measures have more chance of disrupting Russia's exports of petroleum than anything done by any western power so far.
7% : The US on Friday announced the most sweeping and aggressive sanctions yet on Russia's oil trade, just ten days before Joe Biden leaves the White House to be replaced by Donald Trump as president.

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