(OilPrice) Just weeks after the US announced its first test sale of crude oil from strategic reserves since 1990, billionaire philanthropist George Soros is lobbying for the release of more reserves on the market to punish Russian President Vladimir Putin.

On 12 March, the US said it would dip into its emergency stockpile to release 5 million barrels onto the market, causing oil prices to drop to their lowest in a month, and this week, Soros has gone public with his proposal to release more as a way to hit back at Moscow for its annexation of Ukraine’s Crimean Peninsula.

Speaking at a panel in Berlin on 20 March, Soros said that the United States had the power to pressure Putin most effectively by selling oil reserves to depress prices.

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