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March 7th, 2014
02:16 PM ET

Rep. Royce: The U.S. has 'real leverage' over Russia

(CNN) – The United States expanded a visa ban and set the groundwork for sanctions against Russians and others over the crisis in Ukraine, a response to Russia's military intervention in the Crimean peninsula last week triggered by political upheaval in Kiev.

But even as the ink dried on the Obama administration's first set of sanctions, Washington ratcheted up the debate.

A proposal from Republican Rep. Ed Royce, chairman of the House Foreign Affairs Committee, calls for the U.S. and its allies to boycott the upcoming G-8 summit in Sochi, Russia and consider expelling Russia from the G-8. It also calls for more sanctions on banks, and state agencies.

"What's been missing in all this is the very real leverage on Russia," said Royce.

Most of Russia's revenue comes from the petroleum trade, and a majority of the Russian government's budget comes "as a result of their revenue given the monopoly pricing they have over western Europe," said Royce.

"We have a situation here in the United States where we have gas, we have a glut, we can expand that into the market and really give the Russians something to think about and making Europe much more independent in their decisions here," said Royce.

"Introducing this leverage is important," said the California congressman.

For more from Rep. Ed Royce, check out the video above.

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