Officials from the US and EU are reportedly discussing measures Brussels can take to effectively curb oil imports from Russia and slash the revenues Moscow receives.
The options include a ban, a price cap, and a payment mechanism that would allow revenue generated from crude oil to be withheld from the heavily sanctioned country, according to people familiar with the matter, as quoted by Bloomberg.
The talks come as part of the West’s latest sanctions campaign against Russia over the military operation in Ukraine. While the US introduced a total ban on energy from Russia, which was echoed by Canada, Australia, and Japan, EU member states have been split on the matter.