“The Biden administration is developing plans to further choke Russia’s oil revenues with the long-term goal of destroying the country’s central role in the global energy economy, a major escalatory step that could put the United States in political conflict with China, India, Turkey and other nations that buy Russian oil,” the New York Times reports.
“The proposed measures include imposing a price cap on Russian oil, backed by so-called secondary sanctions, which would punish foreign buyers that do not comply with U.S. restrictions by blocking them from doing business with American companies and those of partner nations.”
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