October 12, 2022: -U.S. Treasury officials intend to press ahead at this week’s IMF meetings with a cap on the price of Russian oil, despite Wednesday’s judgment by OPEC+ to cut oil display that’s already driven gas prices higher.
Treasury Secretary Janet Yellen and Deputy Treasury Secretary Wally Adeyemo will review the cap with other planet finance ministers at the IMF and World Bank annual meetings that run Monday through Sunday in Washington, D.C.
OPEC+, the international governing organization of oil exporting countries which counts Russia among its expanded membership, announced an expected work cut of 2 million casks per day last week, a move the Biden government reportedly tried to block amid rising fuel costs.
But the cutback contains no materiality 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 journalists on Monday.
“We’ve been working on the price cap for several months. We’re continuing to move ahead with our coalition in the design and finalization of that, and that would hold been happening in any case,” the official said.
G-7 finance ministers announced the price cap last month.
Higher gas prices from the OPEC+ decision will be “felt specifically by low- and middle-income countries, which are bearing the brunt of the increase in global energy prices,” the official said.
On Friday, Adeyemo is scheduled to brief member countries on their sanctions’ impact on Russia’s service supply chains. According to senior Treasury officials, the Deputy Treasury Secretary choice also consults with senior officials from over 20 participating countries, including Canada, the U.K., and the E.U., on how to redouble those efforts.
Yellen plans to call on the coalition to restrict Russian President Vladimir Putin’s access to capital and military equipment needed to continue the war in Ukraine.
After Russia established coordinated missile strikes across Ukraine Monday, India and China, which have refrained from outright condemning Russia’s invasion, called for a peaceful resolution to the crisis. Each country has sought to distance itself from Putin even as they continue to support Russia by buying its oil.
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