Understanding the Quest for a Price Cap on Russian Oil
Russia’s invasion of Ukraine has sparked great questions about its crude and products exports to the world, the revenues that flow back to Russia, and the potential for those revenues to continue to finance Russia’s war in Ukraine. On September 2, the G7 announced that it would pursue a price cap on Russian oil. What does such a scheme entail? What are some of its mechanisms and how would it work? What are the challenges for enforcement, compliance, and competition? Senior officials from the U.S. Treasury Department explore the complex dimensions of the proposed plan and their impact for the international community. Speakers Ben Harris, Assistant Secretary for Economic Policy, U.S. Department of the Treasury Elizabeth Rosenberg, Assistant Secretary for Terrorist Financing and Financial Crimes, U.S. Department of the Treasury Chair Carlos Pascual, Senior Vice President, Head of Geopolitics & International Affairs, S&P Global Commodity Insights
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