Trump administration tightens sanctions against russia

The administration of U.S. President Donald Trump is tightening sanctions against russia.

According to four people, the Trump administration is imposing additional restrictions on russia's oil, gas, and banking sectors by further limiting russia's access to U.S. payment systems.

The US Treasury Department has canceled the Biden administration's license that allowed certain transactions involving sanctioned russian banks to continue. Now banks will not have access to US payment systems for large energy-related transactions.

The license was granted to such russian institutions as Vnesheconombank, Otkritie Financial Corporation, Sovcombank, Sberbank, VTB Bank, Alfa-Bank, Rosbank, Zenith Bank, Bank St. Petersburg, and the Central Bank of russia.

"The decision to further restrict access to American banking systems makes it difficult for other countries to buy russian oil, thereby limiting its global supply. This could lead to a jump in oil prices by $5 per barrel more, which is a noticeable jump after the decline in prices in recent weeks,” the article says.

It is noted that the tightening of restrictions is also related to the US administration's attempts to persuade moscow to agree to the proposed 30-day ceasefire in russia's war against Ukraine.

Source: CBS News