U.S. officials are embarrassed that major buyers of Russian oil, such as India and China, can easily bypass the price cap regime and buy oil at a higher price.
The US Congress is preparing mechanisms that will set maximum prices for Russian oil and at the same time will not allow the aggressor country to circumvent sanctions with the help of China and India.
He writes about it The Wall Street Journal.
U.S. officials are embarrassed that major buyers of Russian oil, such as India and China, can easily bypass the price cap regime and buy oil at a higher price. If buyers use financial services from non-Western countries, they can buy Russian oil without any limits.
The US Treasury Department has imposed sanctions against the Russian economy, but opposes the use of secondary sanctions – punishments against foreign governments or firms that interact with Russia. Punishing or threatening to punish these third parties involved diplomatic and economic risks that US and European officials sought to avoid.
The US Congress is currently working on a secondary sanctions mechanism.
Russian oil in the world: the main thing
Oil embargo will reduce about 90% of oil imports from Russia to EU countries by the end of this year.
On September 10, information appeared that the USA, the “Big Seven” countries and the EU a ban is introduced for transportation of Russian crude oil by sea.