US ramps up sanctions on Russia's oil, gas, banking sectors

WASHINGTON -- The United States is tightening restrictions on Russia's oil, gas and banking sectors by limiting their access to US payment systems, according to CBC News.

The US Treasury Department on Wednesday ended a 60-day exemption introduced by the Biden administration in January, which allowed certain energy transactions involving sanctioned Russian banks to continue, CBC News reported. As the waiver expired, these banks may no longer use US payment systems for major energy deals.

The move to tighten access to US banking systems makes it harder for other countries to buy Russian oil, potentially driving prices up by as much as 5 US dollars per barrel.

The tougher restrictions come as the Donald Trump administration is trying to convince Russia to agree to a proposed 30-day ceasefire to end the Russia-Ukraine conflict.