This is CBSI and the world. I'm John Batchel. Russian sanctions. My guide is Michael Bernstom of the Hoover

Institution. We go immediately to the thing itself, Russian oil, and the Trump administration's

entertaining an idea to tax Russian oil $20 a barrel.

But the challenge is, how do you collect it?

Michael, there is a way to collect this.

Please explain.

Well, there are now four proposals are floating.

Two from President Trump.

One from economists Glenn Hubbard and Catherine Wolffram published a brilliant

article in the New York Times. And now there is another proposal of the United States Senate and

the United States House, signed already consigned by 50 senators, to impose a 500% tariff on the countries that they're buying Russian oil.

If they impose this tariff, of course, this means that it's prohibitive.

Those countries will not be able to sell the United States, so they will not buy Russian oil.

But then that's dangerous because oil prices will go up.

President Trump made two proposals very vague, very kind of generic, very general.

One is to effectively to ban Russian oil for countries that are buying it, to propose sanctions

that all countries that are buying Russian oil

will be cut off from the United States market

and banks which process payments of those countries

will be cut off from the United States banking system.

That's not realistic because the major buyers are China, India, Turkey, and the trade with China is very

important for the United States. The trade with China is, in 2024 was $582 billion. You cannot

...