Organizations involved in the enforcement of a proposed price cap on Russian energy will soon announce rules regarding permissions under the price cap, US Treasury Secretary Wally Adeyemo said on Thursday
WASHINGTON (Pakistan Point News / Sputnik - 08th September, 2022) Organizations involved in the enforcement of a proposed price cap on Russian energy will soon announce rules regarding permissions under the price cap, US Treasury Secretary Wally Adeyemo said on Thursday.
"In terms of when you think about the way this will be enforced, fundamentally, organizations like the Treasury Department in the United States and similar organizations across the G7 (Group of Seven) will put out rules and guidelines, some of which will be coming out in the next few days, that will talk about how you will have permission to use financial products to ship Russian oil," Adeyemo told Yahoo news an interview.
The US and G7-led coalition of countries interested in the price cap intend to begin enforcement by December 5, Adeyemo also said. The price cap is intended to cut Russia's energy revenues in response to the special military operation in Ukraine.
