12/5/2022, 9:44 PM (Source: TeleTrader)
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WH: Price cap on Russian oil can be adjusted

White House Press Secretary Karine Jean-Pierre stated on Monday at a press conference that the West's decision to set the price cap on Russian oil at $60 per barrel can be adjusted with time to prevent that country from further profiting from its military operation in Ukraine.

Commenting on Russia's remark that it will not export oil to the countries that adopt that measure, Jean-Pierre said that "we're not surprised by Russia's response." She also noted that a cap at this level "leaves clear incentives for Russia to keep exporting."

Speaking about concerns the European Union has voiced about the Inflation Reduction Act's (IRA) effect on its economy, Jean-Pierre said the bill will not go back to Congress for modifications but that the administration will seek to find "ways we can address Europe's concerns" with parents from across the pond.

Baha Breaking News (BBN) / JR