Commodities
Architect of Russia Oil-Price Cap Says There’s a Fix for Weakening Program
- Former Treasury official Harris proposes three steps
- Says tougher enforcement, higher cap could make program work
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One of the original architects of a plan to limit Russia’s oil profits proposed steps to fix the faltering program.
Ben Harris, a former senior official at the US Treasury who helped design the oil-price cap, said the Group of Seven nations and European Union need to crack down on Russia’s evasion of the limit and raise the price level, making it a painful but tolerable-enough option for Moscow.