Treasury releases more details of Russian oil price cap plan
By FATIMA HUSSEIN
Associated Press
WASHINGTON (AP) — The Treasury Department has released new details of its long-awaited plan to impose a price cap on Russian oil, but the U.S. and its allies are still finalizing how much they’ll pay for petroleum exports that have helped fund the war in Ukraine. The new guidance is meant to help firms and maritime insurers understand how to abide by the price ceiling. That’s according to a senior Treasury official who discussed the plans on a call with reporters on condition of anonymity. The official says the plan allows the U.S. and its allies to reduce Russia’s revenues while keeping oil on the market.
