Dep Treasury Sec Adeyemo: Russian Energy Price Cap Has Achieved Goals

US Deputy Treasury Secretary Wally Adeyemo will deliver remarks at Washington's Center for a New American Security on June 15, arguing that the US-led price cap on Russian hydrocarbons has achieved its goals, "despite initial skepticism."

• According to a Treasury Department statement, "...Adeyemo will outline how, despite initial skepticism, the price cap has been successful in achieving its dual goals by reducing Russian revenue while promoting stable global energy markets."
• "Adeyemo will point to market data that shows Russian revenue is down while export volumes are up, comments from senior Russian officials, and Russia’s own behavior in response to the cap – including considering tax code changes that would institutionalize the steep discount on Russian oil exports."
• "Deputy Secretary Adeyemo will also discuss the focus of U.S, its coalition partners and the private sector in curbing evasion when it’s identified. In his remarks, Adeyemo will also contextualize the price cap within the U.S. and its global coalition’s broader strategy which is denying Russia the equipment it needs to equip its military and the revenue needed to fund its war."