Congress passes sanctions, tariff bill targeting buyers of Russian energy - S&P Global
Congress passes sanctions, tariff bill targeting buyers of Russian energy - S&P Global
Source: S&P Global
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DW NOTE
Congress just imposed sanctions on buyers of Russian oil while the Strait of Hormuz sits 90% closed and global supply is already down 5.7 million barrels per day. The bill amounts to penalising countries for buying from one of the few producers still shipping freely — while Iranian crude that would normally move 17 million barrels a day through Hormuz remains landlocked. Sanctions as substitute for strategy.