Biden hits Putin’s Russia with his harshest tariffs yet: What happens now?

The Biden administration has unleashed its toughest sanctions to date on Russia, targeting Moscow’s prized energy sector and its elusive “shadow fleet” of oil tankers. The United States Oval Office rolled out a package of measures aimed squarely at crippling Russia’s ability to fund its war in Ukraine. Treasury officials labeled these actions the “most aggressive” since the start of the invasion, with over 180 tankers blacklisted, along with Russian oil giants Gazprom Neft and Surgutneftegas. For years, President Biden has avoided a full-on assault on Russia’s energy exports, fearing global oil prices would skyrocket and leave Americans footing an even higher gas bill. But with inflation cooling off and global oil supplies looking healthier, the administration decided to hit Putin where it hurts.