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U.S. "Actively" Working on Price Cap for Russian Oil

OIL

The U.S. is working with Canada and other countries to impose a price cap on Russian oil to try and dent Kremlin revenues.

  • "We are talking about price caps or a price exception that would enhance and strengthen recent and proposed energy restrictions by Europe, the United States, the UK and others, that would push down the price of Russian oil and depress Putin's revenues, while allowing more oil supply to reach the global market," Treasury Secretary Janet Yellen said on the matter yesterday.
  • A price exception is an effective cap that could be achieved through a mechanism to restrict or ban insurance or financing for Russian oil shipments above a certain value.
  • Yellen said with regards to the price cap "We are very active, actively working on this with our partners."
Energy BulletsCommodities
Energy BulletsCommodities

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