A coalition of countries led by the United States and Group of Seven (G7) partners intends to set a proposed price cap on Russian energy above their production costs in order to incentivize continued supply, Deputy Treasury Secretary Wally Adeyemo said on Thursday
WASHINGTON (Pakistan Point News / Sputnik - 08th September, 2022) A coalition of countries led by the United States and Group of Seven (G7) partners intends to set a proposed price cap on Russian energy above their production costs in order to incentivize continued supply, Deputy Treasury Secretary Wally Adeyemo said on Thursday.
"Our goal is to make sure the supply stays high, so part of the goal of the price cap coalition is to create incentives for Russia to continue to ship its oil. We're going to set the price cap above Russia's price of production. We're going to give them the ability to use G7 services to sell their oil as long as it's sold under the price cap," Adeyemo said in an interview with Yahoo news.
The proposed price cap, which is set to be implemented by December 5, is intended to cut Russia's energy revenue amid the special military operation in Ukraine.
