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US might be eyeing secondary sanctions on buyers of Russian oil

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US might be eyeing secondary sanctions on buyers of Russian oil

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US Energy Secretary hinted that the Biden administration has not excluded the possibility of imposing secondary sanctions on countries that import oil from Russia. Washington, along with Britain and Canada, had earlier imposed a ban on Russian oil.

US might be eyeing secondary sanctions on buyers of Russian oil

According to a Reuters report, US Energy Secretary Jennifer Granholm on Thursday stated that the administration has not ruled out placing sanctions on the countries purchasing oil from Russia amid Russia-Ukraine war. She further added that they were being considerate of the war's effect on oil market.

While taking to reporters in Washington, the Energy Secretary said, "The administration is going to be making decisions in that vein... I'm not telegraphing, that's their call."

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Earlier, US, Britain and Canada had placed bans on purchase of Russian oil, but there had not been any secondary sanctions on the country that continue to purchase oil despite Ukraine invasion. On impose of secondary sanctions, Granholm said, "I know that that's certainly not off the table."

India and China are among the biggest oil importers. The third biggest oil importer, India imported about 277,000 barrels per day from Russia in April, a increase from  66,000 in March as the oil was available cheaply.

Purchasing of oil from Russia means funding the country for their war against Ukraine. In order to stop this funding, if secondary sanctions are imposed, it can affect the oil market adversely where global oil prices are already rising.

(With inputs from Reuters)

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