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News > U.S.

US Expects To Propose Russian Oil Price Cap by December

  • A man uses a fuel pump at a garage forecourt in London, Britain, 09 June 2022.

    A man uses a fuel pump at a garage forecourt in London, Britain, 09 June 2022. | Photo: EFE/EPA/Neil Hall

Published 20 July 2022

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.

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He added that the next round of US sanctions would target Russian oil and gas.

The European Union, in its sixth package of sanctions against Russia, announced in June agreed to ban the insurance of Russian oil tankers.

According to the European Commission, after a six-month pause, EU operators will be banned from insuring and financing Russian oil transportation to third countries, especially by sea.

Adeyemo also said that the US would remain focused on targeting the Russian supply chain that is critical to its military-industrial complex.

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