Biden Sets Putin Up for Collapse

The doors are closing in fast.

With less than 10 days left on the administrative clock, the Biden administration has imposed one of its most striking sanctions on Putin’s global oil business. President Biden’s team has been tightening the screws on the Kremlin since last November, but this marks the first major action since the West imposed a price cap on Russian oil.

The U.S. has now sanctioned 183 vessels tied to Russia’s oil trade.

“Sales are going to drop off a cliff,” Kpler's lead freight analyst, Matt Wright, said in a note, adding, “These sanctions will significantly reduce the fleet of ships available to deliver crude from Russia in the short term, pushing freight rates higher.”