Tougher oil sanctions on Russia could backfire on US drivers

Washington — As the Biden administration contemplates expanding punitive measures on Russia for its invasion of Ukraine, a big hurdle lies closer to home: the American consumer.

“It’s like kicking them while they’re down,” said Ellen Wald, an energy historian and a senior fellow at the Atlantic Council think-tank, said about the prospect of actions that could make prices higher for US fuel consumers. Some officials believe price caps are among several methods that could deepen Russia’s economic pain without spiking global oil markets further because only the revenues would be cut, not volumes of oil going to market.

When asked when secondary sanctions could be placed on Russian oil purchases and under what circumstances, a US official said nothing had been decided. And in May, Russia’s oil revenues rose as higher global prices and steady crude exports outweighed those discounts, the IEA said.

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