Bye-Bye Russian Oil

by Olha Povaliaieva
Thursday, May 19, 2022
Bye-Bye Russian Oil

The US proposes to impose a duty on oil in the absence of a decision on the embargo. America has already lifted oil restrictions on the largest fuel owner in the world

Many countries depend on the Russian Federation for oil refining services. The sale of oil was the main source of income in the country, which had sponsored the genocide of Ukrainians. But European countries cannot immediately abandon the import of Russian fuel, as it will endanger the well-being and performance of many enterprises.

The US government is proposing to gradually approach the complete rejection of the aggressor country’s oil. America wants to impose a duty on the import of oil. Such a decision will be an alternative to the embargo until the leaders of the states agree on a complete refusal of services of the Russian Federation.

The American government proposes to introduce tariff regulations on Russian oil. Such a mechanism will not give up services completely but limit the volume of revenues for the Russian Federation from the sale of oil. The G7 finance ministers will consider the possibility of introducing a tariff mechanism for liquid fuels this week during the planned meeting.


America is acting within its borders now that there is no embargo or duty on Russian oil. The ministry of finance, together with the state department, issued a license for the oil and gas company Chevron. In this way, the company will be able to supply oil from Venezuela. It is in Venezuela that the world’s largest oil reserves — 302.3 billion barrels. 

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