Moscow: Possible tariffs on Russian oil will force buyers to pay more

A US proposal to impose tariffs on Russian oil means buyers will have to pay more or look for alternative suppliers, Kremlin spokesman Dmitry Peskov said on Wednesday, May 18.

And US Treasury Secretary Janet Yellen said on Tuesday, May 17, that the European Union could combine imposing tariffs on Russian oil imports with a gradual oil embargo that it is trying to implement to reduce Russian energy revenues.

US Treasury officials told reporters that the issue of the tariffs will be brought up at a meeting of G7 financial leaders this week as a less costly way to suck oil revenue from Moscow with faster results.