US senators have called for secondary sanctions “on foreign firms that facilitate the trade of Russian oil and on countries that increase their purchases of the commodity” to ensure a price cap on Russian oil works, a move that could set up a clash with the Biden Administration, which has previously rejected the idea, The Economic Times reported.
If passed, the proposed bill would impose penalties on states that increase imports of Russian oil, but that “could provoke a major fight with countries such as India and China, which have ramped up their purchases of Russian oil and have reacted coolly to the idea of a price cap”, the report said.
Read the full report: The Economic Times.
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