The US will try to coax Group of Seven countries to impose tariffs as high as 100% on China and India as a deterrent for purchases of Russian oil. That might be a tall order given the animosity between the US and its trading partners.
In any case, oil prices are up $1.19 to $63.57 today in part due to this report.
Bloomberg reports this caveat:
The proposal poses a challenge given that several nations in the EU, including Hungary, have blocked more stringent sanctions targeting Russia’s energy sector. Such measures would require the backing of all member states.
