The new sanctions, if adopted, would hit countries and companies buying oil from Russia by more than a certain amount.
G7 finance ministers discussed the possibility of imposing secondary sanctions, as well as other ways to limit Russia’s oil revenues in a way that simultaneously reduces the backlash in energy prices. This was announced on Thursday, May 19, by U.S. Treasury Secretary Janet Yellen, Bloomberg reports.
“The US has already banned the import of oil from Russia, EU countries intend to do the same, but gradually over the next year,” the report said.
In addition, G7 representatives also discussed the imposition of secondary sanctions to set limits on Russia’s oil value, Yellen said.
According to the head of the US Treasury, the G7 meeting also discussed the formation of the so-called “cartel of buyers”, which will help fix Russia’s oil price and reduce Moscow’s profits.
“A lot of people, including myself, find this fun from an economic point of view, but in fact, implementing this idea is a difficult task,” Yellen said, adding that these issues are not yet resolved.
Earlier it was reported that the Russian economy has survived thanks to the recording of oil supplies.
It was also learned that Hungary had blocked the EU’s proposal to ban Russia’s oil imports. Later, information emerged that Russia’s oil transportation ban was no longer included in the sixth package of EU sanctions.
News from Athletistic in the Telegram. Subscribe to our channel Athletistic
Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.