US will “accelerate” negotiations on Russian oil price ceiling

• US will “accelerate” discussions on how to establish a price cap on Russian oil.
• Discussions are underway with countries around the world to determine if such a mechanism could be implemented by the end of the year when a near-total ban on Russian imports goes into effect in Europe.
• Those in favor of a price ceiling believe it would reduce Russia’s oil earnings and, consequently, the funds available to wage the war in Ukraine.

The United States has stated that it will “accelerate” discussions on how to establish a price restriction on Russian oil “with a real sense of urgency” following this week’s discussion with G7 leaders.

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David Turk, the deputy secretary of energy for the United States, stated on Friday in Paris that discussions were underway with countries around the world to determine if such a mechanism could be implemented by the end of the year, when a near-total ban on Russian oil imports goes into effect in Europe.

When asked if China and India, which have been benefiting from discounted Russian oil while it is boycotted by other nations, were receptive to the cap, Turk responded, “There is a real recognition of the benefits that would come with such a scheme, particularly from key consuming nations around the world.”

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Turk, who has been touring European countries, stated that the US administration is also in discussions with the corporate sector to promote greater energy efficiency.