The US Treasury proposes to impose duties on Russian oil
The US Treasury Department plans to propose to European countries to impose duties on Russian oil, and send the money from the duties to the fund for the restoration and reconstruction of Ukraine.
The US Treasury Department during the G7 financial meeting plans to propose to European countries to impose duties on Russian oil, which could be a faster alternative to a direct oil embargo. About it informs Reuters.
The tariff mechanism to be proposed by the United States will reportedly be designed to keep Russian oil on the market but limit the amount of revenue that can flow to Moscow from exports.
G7 finance ministers and central bankers are due to meet in Brussels later this week.
Officials believe that the money from the duties can be sent to the fund for the restoration and reconstruction of Ukraine.
US Treasury officials said that since Russian oil is sold at a discount compared to world prices, the duty should be set at a level that both compensates for part of this gap and reduces Russia’s profits. At the same time, the duty should be low enough to give Russia an incentive to continue exporting.
Officials believe that by keeping Russian oil on the market, they will be able to avoid possible further oil price hikes due to the European embargo.
The US Treasury Department is reportedly considering pricing mechanisms, including tariffs, to help protect the global economy from further damage from high energy prices.
The proposal came after the idea of creating an oil buyers’ cartel to help cap prices.
EU officials see a phased embargo on Russian oil imports as the next step in responding to Moscow’s war on Ukraine, but concerns in some countries over supplies are creating an impediment to the plan.
Earlier it was reported that in the EU talk about postponing the oil embargo
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