U.S. Hopes to See Oil Price Cap on Russia by December

U.S. Deputy Treasury Secretary Adeyemo said the United States hopes to see their move to put a price cap on Russian oil imports materialize by December. He said they are “following on what the Europeans have done”.

Adeyemo said Europe introduced the idea of a price cap and they have also been planning to put in place an insurance ban by December.

He added that their goal was to introduce a price cap as that insurance ban is going into place. “We’re in a position where there’s a price cap that can be joined onto the insurance ban that is a global one, which helps to drive down global energy prices and also allows Russian energy to flow into the market place.”

Russian Deputy Prime Minister Novak said if the price is capped below production costs, the country will not export oil to the world market.

In its sixth package of sanctions against Russia, the European Union announced in June that it agreed to ban the insurance of Russian oil tankers.

According to the European Commission, after a six-month pause, EU operators will be banned from insuring and financing Russian oil transportation to third countries, especially by sea.

Adeyemo also said that the US would remain focused on targeting the Russian supply chain that is critical to its military-industrial complex.

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