The US Government plans to introduce additional sanctions targeting Russian oil revenues by focusing on tankers carrying crude above the $60 per barrel price cap imposed by the West, reported Reuters.

This move aims to further limit Russia's ability to fund its war in Ukraine. The so-called 'shadow fleet' of tankers, often older and less safe, has been used by Russia to circumvent the price cap.

Since the invasion of Ukraine in February 2022, the US has sanctioned dozens of Russian vessels, intending to diminish Russia's war funding capabilities.

The sanctions have prompted Russia to redirect oil sales to countries such as China and India, which continue to purchase Russian crude, often at discounted rates. A source suggested that the sanctions would extend to individuals involved in trading oil above the price cap.

US Treasury Secretary Janet Yellen has previously indicated that further sanctions on tankers were under consideration and did not exclude the possibility of targeting Chinese banks to cut off Russia's oil revenue and access to foreign supplies.

The Treasury's Office of Foreign Assets Control has not yet responded to comments on the matter.

The $60 cap on Russian oil, established by the G7, EU and Australia in late 2022, includes a ban on Western maritime services for shipments priced at or above the threshold.

This latest round of sanctions by the US Government is expected to reinforce support for Ukraine ahead of President-elect Donald Trump's inauguration on 20 January, despite his criticism of US aid to Ukraine and his unclear stance on Russian sanctions.

In December last year, the US imposed sanctions on various Russia-based entities for their involvement in the Nord Stream 2 gas pipeline.

The sanctions target Russia-based marine services and water transport entities including state-owned maritime rescue service and several vessels.