The US Congress will severely punish any attempt to circumvent oil sanctions against Russia.
Tuesday, September 27, 2022

The US Congress will severely punish any attempt to circumvent oil sanctions against Russia.

The WSJ writes that the US Congress is preparing a bipartisan proposal to strengthen the agreement on a price ceiling for Russian oil. It is noted that Senators Chris Van Hollen and Pat Toomey want to warn all foreign firms, not just those based in G7 countries, that they face possible sanctions if they buy, insure, or finance Russian oil above the price ceiling. Meanwhile, Van Hollen and Toomey say they are concerned that major buyers of Russian oil, such as India and China, could easily circumvent the price cap. If buyers use financial services from non-Western countries, they can buy Russian oil above the established price limit. This is why the US Congress feels that secondary sanctions are necessary.

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