The Biden administration expects to implement the first phase of a price cap on Russian oil exports this fall in coordination with the G7, with sights set on bringing additional Asian partners on board in the winter.
“We’re trying to prevent a spike in global energy prices by avoiding a situation where Russia production just shuts down, and you see a subsequent spike in the price,” Assistant Treasury Secretary for Economic Policy, Ben Harris, told Yahoo Finance.
The U.S. has been in…
Source link
