The US has proposed that the European Union impose tariffs on Russian oil that would avert another surge in prices but still impact the revenues flowing into Moscow's coffers. | BISouthAfrica
The US has proposed the EU impose tariffs on Russia's oil rather than an embargo to limit price rises and cut Moscow's revenues.
US Treasury Secretary Janet Yellen raised the idea with G7 and EU allies as they look to step up sanctions against Russia. The EU has proposed cutting all Russian imports of crude oil and refined products by the end of this year.The US has proposed that the European Union impose tariffs on Russian oil that would avert another surge in prices but still impact the revenues flowing into Moscow's coffers.
The tariff would come into place before the European Union imposes a full ban on Russian oil by the end of this year. This would allow Europe to still purchase Russia's oil while limiting the country's revenues from it.
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