The Biden administration continues to rely on hostile regimes to keep oil prices down in the months leading up to pivotal elections.
The Treasury Department announced Monday that it is extending sanctions relief for 10 Russian financial institutions that are involved in the energy sector, with the relief set to expire on November 1 in the absence of any further action. The move reduces the risks that global oil prices spike over the summer and follows several similar decisions involving Iran and OPEC countries, for example, keeping oil prices lower ahead of important elections.
The extension of sanctions relief contrasts with the administration’s earlier rhetoric about using sanctions to “squeeze” and “confront” Russian President Vladimir Putin. The decision to extend relief for another six months also follows a Bank of America projection that oil prices could jump up to $95 per barrel this summer, while some analysts expect national average gas […]
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