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Secondary Mechanisms on Russian Oil Cap Ruled Out by US Treasury Official

OIL

US Treasury official, Catherine Wolfram, has ruled out secondary sanctions to enforce a price cap mechanism on Russian oil exports.

  • "We don't think secondary sanctions are needed," she said at the APPEC 2022 conference.
  • Senators had last week proposed that Biden's administration use secondary sanctions on international banks to strengthen the price cap.
  • "We have all the service providers that are part of the coalition and each country kind of brings in some sanctions." she added.
  • Wolfram said the authorities will release full guidance on how the Russian oil price cap will be implemented before European Union sanctions on Russian crude exports take effect on Dec. 5.
Energy BulletsCommodities
Energy BulletsCommodities

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