The proposal strengthens G7 nations’ price cap on Russian oil.
Two members of the Senate Banking Committee introduced a preliminary draft for legislation on Tuesday to impose secondary sanctions on Russian financial institutions. These secondary sanctions proposed by Senator Chris Van Hollen of Maryland and Senator Pat Toomey of Pennsylvania would strengthen the price cap G7 countries plan to enforce in the coming weeks.
“If you want to set a worldwide price cap on Russian oil, you need to ensure that it’s uniformly applied. And to do that, we believe you need the backup of the secondary sanctions,” Senator Van Hollen said after a Banking Committee hearing on Russia sanctions. This price cap is meant to further punish Russia for its invasion of Ukraine by targeting the trade, insurance, and brokerage of Russian petroleum sold at prices above the set cap.
As the Lord Leads, Pray with Us…
- For Senators Toomey and Van Hollen as they urge further sanctions to be placed on Russia.
- For members of the Senate as they consider the increased sanction proposal.
- For wisdom for U.S. officials and the leaders of the rest of the G7 nations as they apply pressure to Russia over the war in Ukraine.
Sources: The Hill, Reuters
