Biden ends term with late sanctions on Russian energy sector
At the end of Joe Biden's term, the White House announced sanctions on the Russian energy sector to increase pressure on Russia. However, experts point out that these measures were introduced too late and further steps are necessary.
In the final days of Joe Biden's administration, comprehensive sanctions were imposed on more than 400 entities associated with Russian energy, including Gazprom Neft and Surgutneftegaz. These companies are responsible for a significant portion of Russian oil exports, and the sanctions cover every stage of trading this resource.
Sanctions were needed earlier
Dr Benjamin L. Schmitt from the University of Pennsylvania assessed that the new restrictions, although significant, came too late. The expert noted that if these actions had been implemented at the beginning of the conflict, they could have had substantial economic impacts on Russia.
The expert noted that the actions taken on Friday, as the Biden administration nears its conclusion, were a positive step in intensifying energy sanctions against Putin's Kremlin after nearly three years of brutal conflict with Ukraine. However, he emphasized that such measures should have been implemented at the onset of the war. If executed effectively, they might have already had significant macroeconomic effects on Russia's economy and potentially compelled it to reconsider its aggression toward a democratic neighbour.
Schmitt calls on the Trump administration, after taking office, not to stop at the current sanctions, but to continue increasing the pressure.
Schmitt stated that increasing sanction pressure is essential to achieving a just and lasting peace in Ukraine. He suggested that the new Trump administration should immediately prioritize expanding the latest sanctions upon assuming office. He added that this would underscore the United States' dedication to Europe's security and willingness to take firm action.
Reaction from diplomats
Daniel Fried, a former US ambassador to Poland, noted that the timing of the sanctions is linked to the growing oil production in the USA and the post-election period. He expressed that the new sanctions could significantly impact the Russian economy and should be immediately utilised by the new occupants of the White House.
