¬†Democratic and Republican senators urged U.S. President Joe Biden’s administration on Tuesday to impose secondary sanctions on international banks to strengthen a price cap G7 countries plan to impose on Russian oil over Moscow’s invasion of Ukraine. Democratic Senator Chris Van Hollen and Republican Senator Pat Toomey introduced legislation imposing the secondary sanctions, which would target financial institutions involved in trade finance, insurance, reinsurance and brokerage of Russia oil and petroleum products sold at prices exceeding the cap. The two senators are both members of the Senate Banking Committee, which oversees sanctions policy. They said the ability to target banks would make it harder for Russia to evade the price cap by making deals with countries not formally participating in the G7 scheme. “I do think there’s a great benefit to having a worldwide backup so that Russia does not try – as it’s […]