G7 sanctions on Russia will target its oil and products in three phases, senior U.S. treasury official Ben Harris said on Tuesday, as the bloc seeks to limit unintended economic damage while curbing Moscow's funds to wage war in Ukraine.
Harris, the Treasury's assistant secretary for economic policy, told the Argus European Crude Conference in Geneva that Group of Seven sanctions will target Russian crude oil, while later ones will focus on diesel and a third phase will tackle lower value products such as naphtha.
