U.S. to suggest tariffs on Russian oil as alternative to embargoes, officials say

U.S. Treasury officials said on Tuesday they plan to propose at this week’s G7 finance meeting that European countries impose tariffs on Russian oil, as a faster alternative to an outright oil embargo.

European Union officials are considering a phased embargo on imports of Russian crude as its next response to Moscow’s war in Ukraine, but concerns from some eastern European countries about supply represent a major obstacle to the plan.

The tariff mechanism to be proposed by the United States would be designed to keep Russian oil on the market but limit the amount of revenue that can flow to Moscow from exports, the Treasury officials told reporters in Brussels. Finance ministers and central bank governors from the Group of Seven rich nations are due to meet in the city later this week.

https://www.theglobeandmail.com/business/industry-news/energy-and-resources/article-us-to-suggest-tariffs-on-russian-oil-as-alternative-to-embargoes/