According to foreign media reports, sources and experts say that the Biden administration is preparing to strengthen contacts with Western trading firms, insurance companies, and tanker owners, reminding them to comply with the G7 price cap on Russian oil, as the flagship Urals crude oil price of Russia has surpassed this level.
The U.S. side hopes to encourage buyers to adhere to the price ceiling of $60 per barrel on Russian oil, which was imposed by the G7, EU, and Australia in December last year.
Sources say that the Biden administration is expected to adopt a soft approach and will not enforce strict penalties against potential violators, as the latter could disrupt the energy market. A source familiar with the government's views on the matter said that the Treasury Department's initial inclination is to be mild and not to hammer down on tankers and tanker owners like a sledgehammer but to implement quietly through letters and phone calls.
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