My thanks to Tor Klaveness at Kapital, Norway’s oldest and leading, business magazine. Below is an English translation, then the Norwegian original. – Tom O’D.
“Bone-crushing” and “draconian”: The law that could choke Putin’s oil revenues
If peace talks between Ukraine and Russia break down, the US Senate is ready to pass a sanctions package that could strangle Russia’s oil exports. In that case, it could significantly strengthen the oil market.
Energy Published 29 Nov. | Paywall removed, Updated 9 Dec.
By: Tor Klaveness
“President Trump said this weekend, ‘Send me the bill.’ So we have to send him the bill to help end this war.”
This was stated by Republican Senator Lindsey Graham in a panel debate on November 19 with Democratic Senator Richard Blumenthal. The debate was moderated by Clayton Seigle, a senior fellow at the think tank Center for Strategic and International Studies (CSIS), which also organized the debate.
The bill Graham referred to is the Sanctioning Russia Act , which he is co-sponsoring with Blumenthal. The bill already has the support of 85 of the 100 US senators and would give US authorities the right to impose punitive tariffs of no less than 500 percent on countries importing Russian energy.
With a stick and a carrot
Dr. Thomas O’Donnell is an energy and geopolitical strategist, founder of GlobalBarrel.com and former global fellow at the Wilson Center in Washington, D.C. He believes Congress is now poised to give President Trump an extremely potent weapon.
The proposal is being described as “bone-crushing” and “draconian,” and is set to be voted through almost unanimously in the Senate.
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