The Biden administration has eased sanctions on Venezuela, specifically in the oil, gas, and gold sectors, following an agreement between the government of President Nicolás Maduro and the U.S.-backed opposition to hold competitive presidential elections next year.

Since the European Union banned the shipment of Russian oil, it has disrupted global shipping patterns.

Russian oil shipments have experienced a massive surge in recent weeks, jumping from one million barrels per day to 4.13 million barrels per day in just one week.

Over the past year, Eventwatch has sent out more than 242 alerts about sanctions against Russia.

The oil and gas landscape has been disrupted and the world has been struggling to find its footing since February 2022 - when Russia invaded neighboring Ukraine.

Buyers across the globe are still buying up Russian oil, despite heavy sanctions layered by the US and the EU on the product.

Seasonal gasoline stockpiles are already at a decade-low, and the ban on Russian fuel means that the East Coasts can’t rely on its backup supplies during the peak driving season over the summer.

While Ukraine’s allies ponder whether they should provide the country with modern tanks in order to defend itself from invading Russia, the European Union is weighing its options.

Beginning on February 5th, the European Upon and its allies will be implementing the long-anticipated cap on the price of Russia’s fuel exports.

While harsh sanctions have been imposed on Russia and its companies since February 2022 and the invasion of Ukraine, Japan has hesitated to join the fray.

The Biden Administration is considering a country-wide ban on Russian-made aluminum as another round of punishments for how Russia has invaded the neighboring country of Ukraine since February.