• Ar
  • Es
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Feature
  • Videos
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Feature
Videos
Infographs
In Pictures
  1. Home
  2. News
  3. Europe
  4. US-led group to impose Russian energy price cap by Dec 5: US Treasury
Europe

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

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.

  • 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.

"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

Trending Now

All
US Treasury Department building/Official Facebook page

Buying Russian oil above price cap to result in sanctions: US Treasury

Most Read

Indonesian president Joko Widodo during an interview in Jakarta in 2016 (Reuters)

Widodo urges Indonesia to abandon Visa, MasterCard to be 'independent'

  • Asia
  • 16 Mar
Treasury Secretary Janet Yellen listens to opening remarks before testifying before the Senate Finance Committee about the President's proposed budget request for the fiscal year 2024, Thursday, March 16, 2023, on Capitol Hill in Washington. (AP)

US Debt ceiling ‘must be raised’ ahead of default: Treasury Secretary

  • US & Canada
  • 16 Mar
Rallies held in Washington DC to protest US militarism

Peace rallies held in Washington DC to protest US militarism

  • US & Canada
  • 18 Mar
Poland

Poland may end up 'joining' Ukraine war: Polish Ambassador to France

  • Europe
  • 20 Mar

Read this

All
US dollar may lose status as global reserve currency: Yellen
US & Canada

US dollar may lose status as global reserve currency: Yellen

  • Today
US military reports recruitment problem from Generation Z
US & Canada

US military reports recruitment problem from Gen Z

  • Today
.
US & Canada

Peace protesters hold up Senate hearing as Blinken delivers testimony

  • 23 Mar
US -Israeli relations in crisis: Axios
Politics

US-Israeli relations in crisis: Axios

  • Today
Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

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