US Treasury Explains How G7 Will Target Russian Oil

US Treasury Explains How G7 Will Target Russian Oil

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The G7’s upcoming anti-Russia sanctions will target oil and petrochemicals in three phases, senior US Treasury official Ben Harris told the Argus European Crude Conference in Geneva on Tuesday. According to Harris, as cited by Reuters, the sanctions will tackle Russian crude oil, then focus on diesel, and finally lower value products such as naphtha. The G7 sanctions should be seen by the industry as a way to continue trading, ensuring Russian oil continues to flow, he explained. “The price cap can be considered a release valve on the (EU) sanctions package,” Harris said, adding: “It transforms the ban from...
Source: https://www.newswars.com/us-treasury-explains-how-g7-will-target-russian-oil/