US Considering Series Of Additional Measures To Deprive Russia Of Oil Profits - Reports

The US government is considering undertaking a number of additional measures to deprive Russia of profits from the sale of oil, including introducing a price ceiling or cutting off Russia from accessing payments for energy exports, the New York Times reported on Thursday

WASHINGTON (UrduPoint News / Sputnik - 19th May, 2022) The US government is considering undertaking a number of additional measures to deprive Russia of profits from the sale of oil, including introducing a price ceiling or cutting off Russia from accessing payments for energy exports, the New York Times reported on Thursday.

One of the measures being discussed would require foreign companies to pay below market value for Russian oil or face US sanctions, the report said.

The US government would set the price for Russian oil well below market value and the price ceiling will reduce the profit for Russia without increasing world prices for energy resources, the report said.

The US government may also cut off a significant part of Russia's access to payments for oil, the report also said. Washington intends to do this by issuing a requirement for foreign banks to transfer funds for Russian oil to escrow accounts in order not to fall under sanctions, the report added.

On Wednesday, European Commission President Ursula von der Leyen presented the so-called REPowerEU initiative - the bloc's plan to phase out Russian energy resources that provide for gas imports from other countries and increase the bloc's share of renewable energy.