US may tighten sanctions on "shadow fleet" and impose restrictions on Chinese banks

The US authorities are considering further sanctions on russian "shadow fleet" tankers and are also considering imposing sanctions on Chinese banks to try to reduce russia's oil revenues, which it spends on fueling the war in Ukraine.

This was stated by US Secretary of the Treasury Janet Yellen to Reuters.

According to her, the US and its allies may consider lowering the price limit for russian oil at USD 60 per barrel. The Treasury has already imposed sanctions on individual tankers and their owners for operating above the maximum price, and can do more in this area, Yellen assured. These measures could be implemented, the minister says, within five weeks before she leaves office.

“There are a number of possibilities here. We don’t anticipate sanctions, but we always look at oil revenues, and if we can find ways to further reduce russian oil revenues, I think that would strengthen Ukraine’s position. That remains on our list,” Yellen said.

U.S. Treasury officials are also discussing with their Chinese counterparts the activities of Chinese financial institutions that could facilitate transactions related to russia’s military effort.