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Treasury Official Sees Price Cap on Russian Oil by December

  • US, allies say strategy could deprive Putin of war funds
  • Adeyemo says goal is to have cap coincide with insurance ban

A price cap on Russian oil should go into effect alongside the December implementation of the European Union’s restrictions on insurance for the commodity, a Biden administration official said Wednesday night.

“We are following on what the Europeans have done,” Deputy Treasury Secretary Wally Adeyemo told the Aspen Security Forum in Colorado. “They introduced the idea of looking to do a price cap but they also said that by December they plan to put in place their insurance ban.”