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Yellen Deputy Sees an Oil-Price Cap ‘Well Above’ Russia’s Production Cost

  • Deputy Secretary Adeyemo says coalition will set price cap
  • Hope is price-cap level would incentivize Russia participation
Wally Adeyemo

Wally Adeyemo

Photographer: Victor J. Blue/Bloomberg

Deputy US Treasury Secretary Wally Adeyemo said the coalition of countries working toward implementing a price cap on some Russian oil exports would set that cap “well above” Russia’s cost of production to make the program palatable enough for Moscow.

“Our goal is to make sure that we’re setting it well above the price of production in order to create incentives for Russia to continue to sell into the price-cap coalition,” Adeyemo said Wednesday at the CNBC Delivering Alpha conference in New York.