BRICS: US Could Toughen Sanctions on Russia's Oil Exports
The US is considering toughening sanctions on Russia’s oil exports to weaken President Vladimir Putin and the country’s economy. The US could also impose sanctions on its tanker fleet that transports oil to other countries. The restrictive measures from the US could pose a challenge to Russia, which is keeping its economy afloat by selling oil at discounted prices. Also Read: BRICS: India Makes Huge Announcement on New Currency The Biden administration will squeeze the Russian economy just weeks before Donald Trump takes office, reported Bloomberg. The new measures are being worked out to target Russian oil, which will also affect other BRICS countries. BRICS members were buying oil for cheap due to the sanctions and in return helped its economy. BRICS member Russia has been steadily selling its crude oil at cheaper prices to China, India, Saudi Arabia, and other allies. Last year, Saudi Arabia laundered Russian oil all over Europe at marked-down prices. Even the alliance of...