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THURSDAY, February 02, 2023
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US Treasury's Adeyemo says $60 oil price cap will limit Russia's revenues

US Treasury's Adeyemo says $60 oil price cap will limit Russia's revenues

FRIDAY, December 02, 2022

US Deputy Treasury Secretary Wally Adeyemo applauded a European Union deal for a $60-a-barrel price cap on Russian oil exports on Thursday, saying this was within the range of discussed price levels and would limit Moscow's oil revenues.

Adeyemo told the Reuters NEXT conference that he believes that EU member countries will finalize the price cap agreement because they have consistently applied sanctions to punish Russia for its invasion of Ukraine.

The European Union tentatively agreed earlier on a $60 level to start the price cap, with a regular adjustment mechanism.

"It's in the range of prices that we've been talking about for a while in terms of creating and helping us do two things. One is reducing Russia's revenues. But the second one is making sure that we keep Russian barrels on the market," Adeyemo said.

Adeyemo told also that the price of gasoline had come down from highs seen over the summer, but prices were still too high overall, and the administration was doing everything it could to ease supply chain pressures.

 

Legislation like the bipartisan infrastructure law, the Inflation Control Act and a law to promote domestic semiconductor production would make long-needed investments in the economy that would help bring inflation under control, he said.

"Our goal is to really try and make sure that as we bring down inflation, we're also making the investments to make sure the American economy is competitive, not just next year, but in the decades to come."

Reuters

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