CNN reported that the new sanctions targeting Russia’s oil industry were some of the “harshest sanctions to date meant to cut off funding for Moscow’s war against Ukraine.”
A reporter asked Biden at a press conference if he was concerned about prices going up and why he waited until today to impose the sanctions and not years ago.
“The sanctions are imposed today because they will have profound effect on the growth of the Russian economy and make it more difficult for Putin to conduct his wars,” Biden said in avoiding answering why he waited to issue the sanctions until just a few days before Trump takes office.
The sanctions targeted Russia’s largest oil companies and hundreds of oil-carrying vessels, including those that are covertly carrying oil to avoid sanctions.
The administration said that the sanctions will cost Russia “upwards of billions of dollars per month.”