Biden, Congress plan one-two punch to depress Russian oil prices

The Biden administration is pursuing an aggressive plan to starve Russia of oil revenue. Republicans and Democrats in Congress are looking to support that plan with a new sanctions bill that could be approved in the coming weeks. The price cap is aimed at preventing Russia from taking in “windfall” profits that it can use to fund its war against Ukraine. On Tuesday, Sen. Pat Toomey, R-Pa., said a bipartisan effort is underway in the Senate to ensure countries like China and India cannot circumvent the cap.

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