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US Target Russian Oil Cap by December

OIL

The US is aiming for a Russian oil price cap by December according to US Deputy Treasury Secretary Wally Adeyemo on Wednesday.

• "We are following on what the Europeans have done," he said, "They introduced the idea of looking to do a price cap but they also said by December, they plan to put in place their insurance ban.”

• "Our goal is to make sure that as that insurance ban is going into place, we're in a position where there's a price cap that can be joined onto that that is a global one that helps to drive down global energy prices and also allows Russian energy to flow into the market place."

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