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The outgoing Democratic administration billed the new sanctions as the most significant to date against Moscow’s oil and liquefied natural gas sectors, the driver of Russia’s economy.

The Baltic Exchange’s TD3C Index, which reflects rates for VLCCs on the Middle-East-to-Asia route, dropped to so-called Worldscale 39.05 on Dec. 13.

The Biden administration is weighing new, harsher sanctions against Russia’s lucrative oil trade, seeking to tighten the squeeze on the Kremlin’s war machine.

WASHINGTON — The Biden administration introduced a draft regulation that would ban automakers in the U.S. from selling vehicles with important components and software from China and Russia.

The U.S. has warned its allies that Russia is targeting cargo shipping companies as it seeks to disrupt Ukraine’s partners, according to people familiar with the matter.

The U.S. has sanctioned two more vessels along with two related shipping companies in its latest effort to block Russian liquefied natural gas exports from the Arctic.

Russia allowed a return to seaborne exports of diesel just weeks after imposing a ban that roiled global markets, taking other steps instead to keep sufficient fuel supplies at home.

The cost of moving gasoline and other fuels on ocean-going tankers is soaring days after sanctions targeting Russia’s petroleum sales.

A host of shipping insurers altered their policies for 2023 to exclude claims linked to Russia’s war in Ukraine, a further sign of the industry’s growing concerns about losses stemming from the conflict.

While Europeans bask in the warmth of spring, governments are in a race against winter.