The Biden administration is weighing new, harsher sanctions against Russia’s lucrative oil trade, seeking to tighten the squeeze on the Kremlin’s war machine just weeks before Donald Trump returns to the White House.
Details of the possible new measures were still being worked out, but President Joe Biden’s team was considering restrictions that might target some Russian oil exports, according to people familiar with the matter who asked not to be identified discussing private deliberations.
That step was something Biden had long resisted over fears it could trigger a spike in energy costs, especially in the run-up to last month’s presidential election. But with prices for oil slipping amid a global glut and fears growing that Trump may seek to force Ukraine into a quick deal with Russia to end its nearly three-year-old war, the Biden administration is now open to more aggressive action, the people said.