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:
Brent update:
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.
