WASHINGTON (Pakistan Point News / Sputnik - 10th September, 2022) The United States and its allies intend to set a price cap on Russian oil that will be set above its cost of production, US Treasury Deputy Secretary Wally Adeyemo said on Friday.
"We intend to set the price cap above Russia's marginal cost of production at a level consistent with prices they have historically accepted," Adeyemo said during an event hosted by Brookings Institution.
Last week, G7 finance ministers confirmed their intention to impose a price cap on Russian oil as part of expanded sanctions against the country. The price cap will take effect on December 5 for crude oil and on February 5, 2023, for refined products. Moscow pledged to stop exporting Russian oil to those states that would apply the price caps.
