Republican Senator Lindsey Graham, backed by Democrat Richard Blumenthal, is pushing for new Russia sanctions ahead of the G7 summit in mid-June.
The bipartisan effort seeks to pressure China and India to stop buying discounted Russian oil. Their bill, now backed by 82 senators, proposes a 500% tariff on imports from countries purchasing Russian oil or uranium—potentially disrupting global oil markets. The senators, who visited Kyiv and met French officials, said President Macron supports lowering the G7 price cap on Russian oil.Bloomberg (gated) carried the report.
Earlier on oil:
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The ability of some countries to purchase Russian oil has kept a lid on oil prices. Imposiing 500% sanctions on such countries will have the effect of dissuading their purchase of Russian oil, hence supportive for oil prices.
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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