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The US expects to propose a cap on the price of Russian oil by December, Treasury Undersecretary Wally Adeyemo said in remarks at the Aspen Security Forum.
"We are following on what the Europeans have done in their sixth package, 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, so our goal is to make sure... we're in a position where there's a price cap that can be joined on to that that is a global one that helps to drive down global energy prices and also allows Russian energy to flow into the marketplace," Adeyemo said on Wednesday.