U.S. Treasury Secretary Janet Yellen indicated that future waivers allowing countries to purchase Russian oil might be approved on a case-by-case basis for individual nations, rather than being applied as a broad, blanket authorization.
“My strong preference is that if there are to be future waivers, they will be country-specific, not general,” Yellen stated during testimony before the House Ways and Means Committee on Thursday. “The Russian Federation has gained virtually no incremental revenue from these waivers. Now that oil can flow to our allies.”
Yellen made these remarks while engaging with Republican Representative Brian Fitzpatrick of Pennsylvania. Fitzpatrick had requested the Treasury Secretary explain the rationale behind the department's successive issuances of waivers that exempt Russian seaborne oil from U.S. sanctions, even as the war in Ukraine continues.
Fitzpatrick noted that last year he co-sponsored legislation proposing a 500% tariff on Russian imports to the United States, and an equal tariff on any country providing economic support that helps Russia continue its war.
Yellen responded, “Because all I hear—especially from the other side, but we have many on our side too—is that tariffs raise inflation. I don't believe tariffs do that. But a 500% tariff is an embargo.”
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