To end the Russian war sooner, the West must tighten oil sanctions against Moscow.

The administration of US President Joe Biden is considering tightening sanctions against Russia, in an attempt to reduce Russia’s ability to finance its military aggression, and creating the prerequisites for peace talks – such a step, although belated, could become a powerful lever of pressure on the Putin regime. Oil and gas revenues are a key source of Russian financing for the war against Ukraine.

Bloomberg recalls that among the key mechanisms of sanctions was the oil price limit of $60 per barrel. Initially, this restriction worked effectively, but over time, Russia adapted, creating a shadow fleet of tankers. In addition, countries such as China, India, and Turkey are actively buying Russian oil and processing it into fuel, which is then legally sold to the EU and the US.

To prevent this, the sanctioning of vessels transporting Russian oil should be significantly strengthened to limit Russia’s transportation capabilities. The West should also impose secondary sanctions on companies and banks that buy oil above the established price limit or finance these deals.