SEATTLE (Oil Monster): In an effort to exert financial pressure on Russia, U.S. senators are trying to extend sanctions on the country's shadow fleet of oil tankers. Over the past month, President Donald Trump has worked to put an end to the conflict between Russia and Ukraine. But thus far, these initiatives have not produced any outcomes.
Notably, Russia has been deploying shadow vessels, which are frequently old tankers with concealed ownership, making sanctions all but impossible. The bill's backers pointed out that Moscow's continuing war with Ukraine has been financed in part by the proceeds from petroleum shipments made by shadow fleets.
Senators Jim Risch of the Republican Party and Jeanne Shaheen of the Democratic Party will present the Shadow Fleets Act. According to the bill, the shadow fleet and the oil sales it facilitates pose a direct threat to the security of the United States and Europe and will be curbed. A bipartisan group of senators is firmly in favor of it.
Similarly, the European Commission (EC) has imposed further sanctions on Russia's oil and gas production, and the EU nations will shortly convene to debate these measures. Additionally, it seeks to apply new penalties to nations like China and India, which have remained the biggest consumers of Russian oil.
