US senators introduce bill to Congress to confiscate Russian oil from tankers

US senators have proposed a bill that would allow for the confiscation of oil from tankers on the US Treasury's blacklist and the proceeds will be used to pay off the national debt. The bill provides for the creation of a fund to monitor sanctions with a budget of $150 million, as well as expanding intelligence sharing and providing law enforcement agencies with new tools to combat illegal oil trade.

As of the end of January, 200 tankers were under US sanctions, transporting oil from Russia in circumvention of sanctions, including the price ceiling imposed by the G7 countries. One such tanker, the Eventin, was confiscated by Germany in March with 100,000 tonnes of oil on board.

Source: Mind