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US "Hopeful" India and China Join Cap on Russian Oil

OIL

US Deputy Treasury Secretary Wally Adeyemo said yesterday he was hopeful that India and China would join the price cap for Russian oil or to use the cap to buy Russian oil at a cheaper price.

  • “Our hope is that countries like China and India will join the price cap coalition, or take advantage of the price cap coalition, to lower the amount of money” that Russia makes from oil exports,” he said.
  • "In order for the price cap to be effective, we need service providers, especially those providing financial services, to help with implementation. We want to work with you to design a compliance regime that is as simple as possible and helps to accomplish our objectives," he added.

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