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We could consider secondary sanctions against buyers of Russian oil

U.S. Energy Secretary Jennifer Granholm said Thursday that the administration would not rule out imposing sanctions on countries buying oil from Russia amid the Russia-Ukraine war. She further added that they take into account the effect of the war on the oil market.

Speaking to reporters in Washington, the Energy Secretary said, “The administration is going to make decisions along those lines…I’m not telegraphing, it’s their decision.”

Previously, the United States, Britain and Canada had banned the purchase of Russian oil, but there had been no secondary sanctions against the country which continues to buy oil despite the invasion of the Ukraine. On impose secondary sanctions, Granholm said, “I know that’s certainly not out of place.”

India and China are among the biggest oil importers. The third-largest oil importer, India imported about 277,000 barrels a day from Russia in April, down from 66,000 in March, as oil was available at low prices.

Buying oil from Russia means financing the country for its war against Ukraine. In order to stop this funding, if secondary sanctions are imposed, it may negatively affect the oil market where world oil prices are already rising.

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