US Deputy Secretary of the Treasury Wally Adeyemo heads to Thailand on October 19-20 for the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting, where he is going to discuss Russia sanctions and the price cap on Russian oil, the Treasury Department said on Tuesday
WASHINGTON (Pakistan Point News / Sputnik - 18th October, 2022) US Deputy Secretary of the Treasury Wally Adeyemo heads to Thailand on October 19-20 for the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting, where he is going to discuss Russia sanctions and the price cap on Russian oil, the Treasury Department said on Tuesday.
"The Deputy Secretary will also discuss the historic sanctions and export controls placed on Russia by a global coalition of more than 30 countries in response to Russia's unjust war on Ukraine. During meetings with government and business counterparts, the Deputy Secretary will explain how the price cap will help keep low-priced Russian oil flowing onto global markets to put downward pressure on energy prices, primarily benefiting emerging markets, while also cutting into Putin's Primary source of revenue," the press release read.
Adeyemo will participate in official events and bilateral meetings, including with Thai Minister of Finance Arkhom Termpittayapaisith.
On October 21, Adeyemo will travel to Singapore, where he plans to meet with Singapore Deputy Prime Minister and Minister for Finance Lawrence Wong, Minister for Trade and Industry Gan Kim Yong, Managing Director of the Monetary Authority of Singapore Ravi Menon, and other government officials. He will also participate in discussions with business leaders from the financial services, shipping, and petroleum industries.
"Throughout his trip, Adeyemo will reaffirm the United States' commitment to the Asia-Pacific region. He will advance the Biden-Harris Administration's engagement in the region, including through APEC, the Indo-Pacific Economic Framework (IPEF), the Partnership for Global Infrastructure and Investment (PGII), and continued friend-shoring with trusted trading partners," the release said.
Adeyemo also plans to expand the coordination of individual and collective responses to global economic headwinds caused by the global pandemic, the conflict in Ukraine and other challenges, it added.
Last week, US Treasury Secretary Janet Yellen said that the Group of Seven countries, the European Union and Australia are still trying to determine a suitable price cap to place on Russian oil. She suggested that a price cap in the $60-a-barrel range would likely be sufficient to reduce Russia's energy revenues while allowing oil to continue to flow to the global market.
Russian President Vladimir Putin has said Moscow will not supply oil to countries that choose to impose the price cap.
