Biden Raises Costs on Russia's Attempts to Evade Oil Price Cap

The Biden administration is announcing new measures to raise costs on Russia's attempts to avoid oil price cap.

New sanctions target 2 entities and identify 2 vessels using services to carry Russian oil above the agreed price cap.

Actions send a message that evading the price cap will face a unified Western response.

Price cap aims to divert Russia's funds from financing its war in Ukraine.

Policy has cut revenues but Russia is spending heavily on alternative oil export channels.