Commodities and Futures News

Treasury’s Adeyemo: Counting on Russian oil price cap, not secondary sanctions

2022.10.12 12:34


2/2

© Reuters. A general view shows the oil refinery of the Lukoil company in Volgograd, Russia April 22, 2022. REUTERS/REUTERS PHOTOGRAPHER

2/2

By Andrea Shalal

WASHINGTON (Reuters) – The United States is counting on a price cap on Russian oil to help reduce Moscow’s revenues, and will not pursue secondary sanctions on those who buy Russian oil, U.S. Deputy Treasury Secretary Wally Adeyemo said on Wednesday.

Speaking at Columbia University in New York, Adeyemo said the United States was disappointed by last week’s decision by the OPEC+ countries to cut oil production and warned it could ultimately hurt OPEC+ itself if the expected rise in energy prices contributed to a weakening global economy.

OPEC officials had not linked the decision to the Russian oil price cap in their discussions with the United States, he said.

“The reality is we were disappointed by the choice that OPEC made because … what OPEC has always said is that their goal is to keep energy markets well supplied,” Adeyemo said, noting that energy prices were higher than they should be.

“We think that it’s not only bad for consuming countries, but ultimately it’s bad for OPEC if the global economy weakens, because these are ultimately your customers,” he said.

Adeyemo said Treasury did not believe that secondary sanctions would be needed to enforce Western sanctions on Russia, adding the oil price cap would help reduce the cost of Russian oil.

“Ultimately, what we’re working toward is creating economic incentives … that will allow oil to flow and bring down the costs…. for buyers, but also bring down revenues for Russia,” Adeyemo said.

He said U.S. officials were continuing to work on the details of the oil price cap, with the actual dollar price to be set in coordination with other partners and historical data.



Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 98,962.51 0.95%
ethereum
Ethereum (ETH) $ 3,442.71 1.34%
tether
Tether (USDT) $ 1.00 0.31%
solana
Solana (SOL) $ 256.47 1.02%
bnb
BNB (BNB) $ 674.80 1.01%
xrp
XRP (XRP) $ 1.51 5.52%
dogecoin
Dogecoin (DOGE) $ 0.433956 1.53%
usd-coin
USDC (USDC) $ 1.00 0.29%
cardano
Cardano (ADA) $ 1.07 2.09%
staked-ether
Lido Staked Ether (STETH) $ 3,446.65 1.59%
avalanche-2
Avalanche (AVAX) $ 47.12 13.55%
tron
TRON (TRX) $ 0.211697 1.44%
stellar
Stellar (XLM) $ 0.53672 5.20%
the-open-network
Toncoin (TON) $ 6.21 0.45%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 0.84%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,062.54 0.65%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,668.44 0.67%
polkadot
Polkadot (DOT) $ 9.14 3.52%
chainlink
Chainlink (LINK) $ 18.65 7.54%
bitcoin-cash
Bitcoin Cash (BCH) $ 527.81 4.29%
weth
WETH (WETH) $ 3,435.97 0.99%
sui
Sui (SUI) $ 3.47 1.11%
pepe
Pepe (PEPE) $ 0.00002 0.35%
near
NEAR Protocol (NEAR) $ 6.92 6.39%
leo-token
LEO Token (LEO) $ 8.18 5.90%
litecoin
Litecoin (LTC) $ 98.71 0.53%
uniswap
Uniswap (UNI) $ 11.71 7.30%
aptos
Aptos (APT) $ 12.75 1.72%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,620.31 1.01%
internet-computer
Internet Computer (ICP) $ 12.34 7.85%
hedera-hashgraph
Hedera (HBAR) $ 0.146489 1.83%
usds
USDS (USDS) $ 1.00 0.36%
crypto-com-chain
Cronos (CRO) $ 0.190509 2.00%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.577028 1.84%
ethereum-classic
Ethereum Classic (ETC) $ 29.65 1.03%
render-token
Render (RENDER) $ 8.15 3.63%
bittensor
Bittensor (TAO) $ 539.21 2.43%
kaspa
Kaspa (KAS) $ 0.157064 3.43%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.52 0.72%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.22%
arbitrum
Arbitrum (ARB) $ 0.878542 2.03%
bonk
Bonk (BONK) $ 0.000048 3.68%
whitebit
WhiteBIT Coin (WBT) $ 24.52 0.76%
vechain
VeChain (VET) $ 0.043543 0.91%
dai
Dai (DAI) $ 1.00 0.26%
celestia
Celestia (TIA) $ 8.11 13.35%
filecoin
Filecoin (FIL) $ 5.74 0.50%
cosmos
Cosmos Hub (ATOM) $ 8.78 1.19%
okb
OKB (OKB) $ 56.06 0.14%
blockstack
Stacks (STX) $ 2.24 7.32%