US Senate for more sanctions. It is about the trade in Russian oil

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Chris Van Hollen of the Democratic Party and Republican Pat Toomey developed the legislative framework for imposing secondary sanctions. They are to be targeted at institutions involved in the financing of trade, insurance, reinsurance and intermediation in trade in Russian oil and petroleum products sold at prices above the set ceiling, reports “Reuters”.

These politicians sit on the banking committee of the Upper House of Congress, which oversees the sanctions policy. In their opinion, imposing sanctions on the banks would make it difficult for Russia to avoid the price cap through transactions with countries not formally participating in the G7 program.

If you want to set a worldwide price cap for Russian crude oil, you need to ensure that it is widely adhered to. To achieve this, we need the support of secondary sanctions, said van Hollen.

In turn, Republican Pat Toomey added that Joe Biden needs further authorization from Congress to enforce the price cap by anyone who buys oil from Russia at a price above a set ceiling or in much larger quantities than prescribed. It is emphasized that the price cap is a “powerful tool” to hit Russia and stabilize energy prices.

Fraud is not supposed to pay off

The US Treasury has warned that anyone who falsifies documentation or otherwise conceals the origin or price of Russian oil must face the consequences.

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Let us recall that the G-7 group spoke this month about imposing a price cap on Russian oil. Several countries have banned the import of Russian oil and fuel, but Moscow has managed to maintain its high income thanks to increased sales to Asia.

As Reuters notes, the Biden administration is reluctant to impose secondary sanctions. He fears they may complicate relations with Russian oil importers such as China and India.

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Source:

PAP

The article is in Polish

Tags: Senate sanctions trade Russian oil

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