The Treasury Department says G-7 countries will follow through with capping the price on Russian oil despite OPEC+ cutbacks on oil production.
But the cutback has no bearing on the G-7's strategy to deny Russia a substantial income source to continue funding its war in Ukraine by capping the price of the country's oil, a senior Treasury official told reporters Monday.
"We've been working on the price cap for a number of months. We're continuing to move forward with our coalition in the design and finalization of that and that would have been happening in any case," the official said.Higher gas prices from the OPEC+ decision will be "felt particularly by low- and middle-income countries, which are already bearing the brunt of the increase in global energy prices," the official said.
Adeyemo will is scheduled on Friday to brief member countries on the impact their sanctions have had on Russia's military supply chains. The Deputy Treasury Secretary will also consult with senior officials from over 20 participating countries, including Canada, the U.K. and the E.U., on how to redouble those efforts, according to senior Treasury officials.'s access to capital and military equipment needed to continue the war in Ukraine.
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