Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli Channel 13: The Iranian nuclear program cannot be destroyed with missiles, even if we spend another year attacking it alongside the Americans.
Over 30 casualties in a suicide bombing that targeted the Mar Elias Church in Damascus, Syria.
Iranian Shura Council recommends the closure of the Hormuz Strait and leaves the decision up to the Iranian National Security Council.
IRGC Commander Major General Mohammad Pakpour: As time passes, the people's solidarity increases, which is a divine blessing
IRGC Commander Major General Mohammad Pakpour: The Iranian Revolution Guard Corps' aerospace operations will not stop
Russian Foreign Ministry: IAEA Director General Rafael Grossi must ensure that an objective report is presented at the special session of the International Atomic Energy Agency (IAEA)
Russian Foreign Ministry: The UN Security Council must respond to the US attacks on Iran
Russian Foreign Ministry: We strongly condemn the US strikes on Iran, calling the decision irresponsible
Iranian Red Crescent: Three personnel martyred, 29 injured in Israeli aggression
IRGC: We have identified and monitored the departure points of the US aircraft that carried out the aggression

US-led group to impose Russian energy price cap by Dec 5: US Treasury

  • By Al Mayadeen English
  • Source: Agencies
  • 8 Sep 2022 19:54
3 Min Read

In an effort to reduce the Kremlin's revenue, a number of countries outside the Group of Seven (G7) agree to join a coalition to impose a price cap on Russian energy.

  • x
  • Finance ministers from the Group of 7 industrialized nations meet in June 2021.(Stefan Rousseau / Pool Photo).
    Finance ministers from the Group of 7 industrialized nations meet in June 2021.(Stefan Rousseau / Pool Photo).

A number of countries outside the Group of Seven (G7) have agreed to join a coalition to impose a price cap on Russian energy in an attempt to reduce the Kremlin's revenue, according to US Deputy Treasury Secretary Wally Adeyemo.

"A number of other countries have agreed to come aboard the price cap coalition in order to make sure that we have a broader coalition that will both enforce the price cap going forward, but also a number of countries that are importers that are considering joining," Adeyemo told Yahoo News an interview.

According to Deputy Treasury Secretary Wally Adeyemo, a coalition of countries led by the United States and other Group of Seven (G7) partner countries will implement a price cap on Russian energy by December 5.

“We’re going to put in place a price cap by December 5,” Adeyemo told Yahoo News.

Enforcement organizations to announce Russian energy price cap rules soon

The US Treasury Secretary Wally Adeyemo said organizations involved in the enforcement of a proposed price cap on Russian energy will soon announce rules regarding permissions under the price cap.

Related News

IAEA chief Grossi to speak at Security Council urgent meeting on Iran

Hezbollah condemns US aggression on Iran, warns of regional escalation

"In terms of when you think about the way this will be enforced, fundamentally, organizations like the Treasury Department in the United States and similar organizations across the G7 will put out rules and guidelines, some of which will be coming out in the next few days, that will talk about how you will have permission to use financial products to ship Russian oil," Adeyemo told Yahoo News an interview.

Read next: Experts: price cap on Russian oil to further aggravate energy crisis

He added, “Our goal is to make sure the supply stays high, so part of the goal of the price cap coalition is to create incentives for Russia to continue to ship its oil. We’re going to set the price cap above Russia’s price of production. We’re going to give them the ability to use G7 services to sell their oil as long as it’s sold under the price cap."

India interested in Russian price cap coalition, US hopes China joins too

Adeyemo revealed that Indian officials have expressed interest in possibly joining an international coalition for a price cap on Russian energy, and the US hopes China will join the effort as well.

"I had a good trip in India where price cap was amongst many issues that we talked about … The thing they care most about is paying the least amount of money for energy and making sure that they can secure energy supply for the Indian people, and that’s why they’re interested in continuing the conversation about the price cap," Adeyemo said during an interview with Yahoo News.

Read next: Putin warns 'no gas, no oil' to if prices capped

"Our hope is that India will come on board, and China will also consider it."

The majority of the European Union member states will most likely not support the idea to impose a price cap on Russian gas, an EU source told reporters on Thursday.

The source said the EU countries want to understand what effect this idea would have on the market.

  • United States
  • G7 members
  • Russia
  • US Treasury

Most Read

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

  • MENA
  • 17 Jun 2025
Rescue team work at the site where a missile launched from Iran struck Tel Aviv, Israel, Monday, June 16, 2025 (AP)

Wave 12 of Operation True Promise 3 launched, Sejjil deployed: IRGC

  • Politics
  • 18 Jun 2025
Israeli workers survey the site where a missile launched from Iran struck in Haifa on Sunday, June 22, 2025. (AP)

True Promise 3, wave 20: 40 missiles launched, Kheibar-Shekan in first

  • Politics
  • Today
Iran launches missile barrage to Tel Aviv, casualties reported

True Promise 3, wave 14: Tel Aviv targeted, casualties reported

  • Politics
  • 19 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Iran UN Ambassador Amir Saeid Iravani addresses a United Nations Security Council meeting, Friday, June 20, 2025. (AP)
Politics

Iran demands urgent UN Security Council session over US airstrikes

CIA Director John Ratcliffe, testifies before a hearing April 18, 2023, on Capitol Hill in Washington (AP/Manuel Balce Ceneta)
US & Canada

Trump aides pushed war on Iran with Mossad-fed intel, ignoring dissent

This photo released on Nov. 5, 2019, by the Atomic Energy Organization of Iran shows centrifuge machines in the Natanz uranium enrichment facility in central Iran. (Atomic Energy Organization of Iran via AP, File)
Politics

Iran: Minor damage to nuclear sites after US attack, no radiation

The U.S. Capitol, on June 5, 2025, in Washington. (AP)
Politics

US lawmakers condemn Trump’s strikes on Iran; MAGA base frustrated

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS