Russian Oil Price Cap: Seoul, Washington Hold Conference Call

Seoul And Washington’s Top Economic Policymakers Discussed A U.S.-Led Proposal To Impose A Price Cap On Russian Oil.

Finance Minister Choo Kyung-Ho And His American Counterpart Janet Yellen Held A Conference Call To Discuss The Issue.

Janet Yellen Emphasized The Move Is Necessary To Help Stabilize High Energy Prices And Reduce Moscow’s Revenue From Oil Exports.

Choo Expressed His “Understanding” Of The Proposal’s Intention And Asked For Details To Be Shared If The Action Plan Is Fleshed Out.

Despite International Sanctions, Russia Enjoyed Higher Oil Export Revenues By Shipping Crude Oil To China And Other Developing Nations At Discount Rates.