Biden's Sanctions Targeting Russia's Shadow Fleet

The upcoming sanctions from Biden's administration will primarily target Russia's shadow fleet, which comprises ships without insurance coverage from London. This move is part of a broader strategy to increase pressure on Russia by sanctioning ship owners who transport Russian oil, marking a shift from previous sanctions that focused mainly on oil pricing. Experts argue that while these sanctions may disrupt the oil trade temporarily, countries like India and China will likely continue trading with Russia, thus diminishing the sanctions' intended impact. Ultimately, this shift may lead to higher global oil prices and inflation, profoundly affecting consumers, particularly in the U.S.