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US Oil Price Cap May Backfire, Indonesia’s Indrawati Says

  • Finance minister says campaign figured in OPEC+ production cut
  • Such economic action ‘creates a precedent for anything’
Sri Mulyani Indrawati
Sri Mulyani IndrawatiPhotographer: Muhammad Fadli/Bloomberg
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The Biden administration’s push to impose a price cap on Russian oil exports creates a precedent that could affect other commodities and may worsen global economic anxiety, said Indonesian Finance Minister Sri Mulyani Indrawati.

“When the United States is imposing sanctions using economic instruments, that creates a precedent for everything,” Indrawati told Bloomberg News in an interview Tuesday. “And that’s going to create uncertainty -- not only for Indonesia, for all other countries.”