Group of US Senators from both sides of the aisle are urging President Biden to impose secondary sanctions on global banks to help strengthen a proposed price cap on Russian crude oil. The proposal would seek to ensure financial institutions involved with Russian oil and oil product export trade, insurance, reinsurance, and brokerage will not work to exceed the price caps. The proposal would also make it more difficult for Russia to evade prices caps by working with countries not

Group of US Senators from both sides of the aisle are urging President Biden to impose secondary sanctions on global banks to help strengthen a proposed price cap on Russian crude oil. The proposal would seek to ensure financial institutions involved with Russian oil and oil product export trade, insurance, reinsurance, and brokerage will not work to exceed the price caps.  The proposal would also make it more difficult for Russia to evade prices caps by working with countries not participating in the official G7 price cap program.