7/13, 10:19 PM (Source: TeleTrader)
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US to implement price cap on Russian oil - Treasury

Deputy Secretary of the United States Treasury Wally Adeyemo stated on Wednesday that the next step in increasing pressure on Moscow over the war in Ukraine is "implementing the price cap" on Russian oil.

"We know that today Russia earns the vast majority of its revenues from selling oil around the world," Adeyemo told CNBC. However, despite the US wanting to see the oil flow to ease the prices and help consumers, it also "wants to reduce the amount of revenue that Russia earns from selling that oil."

"Accomplishing that will put them in a position where they have to make choices about propping up their economy or continuing to pay for their war in Ukraine," he concluded.

Baha Breaking News (BBN) / JG