US sanctions currently specify that once Russian crude oil is transported to a third country and refined into another product (diesel, gasoline, jet fuel), that product is no longer considered of Russian origin – and it can be sold at world prices, subject to no price cap. This has to change.
WASHINGTON, DC/KYIV – The United States has done a great deal to help Ukraine fend off Russia’s full-scale invasion and terrorist tactics since February 2022, including through generous financial and military assistance. In addition, immediately after the invasion, the Biden Administration (and Congress) banned the import of Russian crude oil. But imports of refined products derived from Russian oil were allowed to continue under some conditions. To reduce further the revenue that enables the Kremlin to continue its aggression, now all such imports, without exception, should be prohibited.
WASHINGTON, DC/KYIV – The United States has done a great deal to help Ukraine fend off Russia’s full-scale invasion and terrorist tactics since February 2022, including through generous financial and military assistance. In addition, immediately after the invasion, the Biden Administration (and Congress) banned the import of Russian crude oil. But imports of refined products derived from Russian oil were allowed to continue under some conditions. To reduce further the revenue that enables the Kremlin to continue its aggression, now all such imports, without exception, should be prohibited.