By Daphne Psaledakis

WASHINGTON (Reuters] – A series of US sanctions have been imposed on Russia following its invasion in Ukraine in February. They target Russia’s central bank, its major lenders and its Russian president Vladimir Putin.

Below are some possible ways the United States could increase their sanctions against Russia.

ENERGY

On Wednesday, the European Union executive proposed the most severe sanctions against Moscow in its history for their war in Ukraine. This included a plan to embargo Russian oil.

Although diplomats acknowledged that talks are complex, many believed all 27 EU countries could reach an agreement before the week is out.

Edward Fishman was a former State Department official who was responsible for Russia sanctions. This is what President Barack Obama said. It opens up new possibilities about Washington’s and Washington’s next steps.

Fishman indicated that he believed the United States should work together with the EU to expand the campaign against Russia’s crude oil sales.

Fishman stated that the West might impose some measures to stop Russia receiving oil payments. These could include making sure all Russian oil payment go to escrow accounts located outside Russia, and setting price caps on Russian oil. This would be backed up with the threat of secondary sanctions.

Fishman suggested that another option is for the EU, to impose import tax on Russian oil.

Brian O’Toole is a former Treasury Department official and now works with the Atlantic Council think-tank. He said that the United States might also prohibit the provision of insurance to Russian oil cargoes. Secondary sanctions could be imposed on anyone who makes a substantial transaction with a Russian cargo ship.

He stated that such an action would “greatly hamper Russia’s ability ship oil to other countries.”

The United States may also tighten their energy sanctions further by including major corporations such as Rosneft, the oil giant, and Gazprom (MCX) to its Specially Designated Nationals list (SDN).

TIGHTENED SACTIONS ON STATE-OWNED ENTERPRISES, BANKS

Experts believe that the United States could also increase its sanctions against Russian banks and state-owned businesses.

United States sanctions have been imposed on Russian banks majors, such as Sberbank which is the largest bank in Russia.

O’Toole stated that Washington could continue to target Gazprombank or other banks, using Washington’s most powerful sanctions tool, and adding them on the SDN List.

They would be effectively kicked out of U.S. banks and banned from trading with Americans. This move would also freeze American assets.

Except for Gazprombank there is nothing of strategic importance in Russia’s banking industry. O’Toole stated that Gazprombank would be treated separately if it were to go ahead with the financial embargo.

FINANCIAL EMBROGATION

O’Toole said that the US would probably implement a complete financial embargo on Russia by issuing an executive order prohibiting Americans from buying or exporting Russian goods, services, or technology.

He stated, “Then Russia becomes Iran”.

SECONDARY SAINTIONS

Fishman suggested that secondary sanctions could be applied by the United States against certain Russian individuals or entities. This would make it more difficult for anyone doing business with Russia.

FURTHER SWIFT CONTROL RESTRICTIONS

Early March saw seven EU banks name the network to be exempted from SWIFT. It is the main international payments system in the world, and includes Russia’s second largest bank VTB. But lenders that handle energy payments were not affected.

These restrictions could be further tightened by the United States or its allies, and may prevent access to more Russian banks via SWIFT.

Sberbank is to be disconnected from SWIFT by the EU in its latest round of sanctions.

OLIGARCHS

If the United States does not target Russian oligarchs, it could place sanctions against them. This would be in addition to its existing measures that are similar to those of the EU or United Kingdom which have already targeted many Russian oligarchs, but not Washington.

These include Roman Abramovich, a billionaire, and Mikhail Fridman (tycoon).

Biden stated in his March State of the Union Address that the United States will work to seize the luxury yachts and private jets of rich Russians who have ties to Putin.