Senators are hoping to back plans to cap Russian oil prices and make sure countries like China and India can't evade the cap.
Defense Priorities senior fellow Lt. Col. Danny Davis tells 'Cavuto: Coast to Coast' it will be tough for the West to maintain unity in Ukraine once winter starts and energy prices rise.is pursuing an aggressive plan to starve Russia of oil revenue, and 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 by providing their own financial services to facilitate the transport of Russian crude oil and thus help Russia generate more profits.
She added that 80% of maritime insurance providers are concentrated within Europe, which will make it hard for Russia to find other alternatives. "This is why I think it’s important that we address this question," Toomey said. "I acknowledge that the big majority of the market for the service providers comes from companies within the G7. But they don’t have monopolies, and the Chinese and the Indians… are quite capable of expanding the role of their indigenous service providers."
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