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U.S. President Biden says Russian oil price cap in play

Commodities Nov 24, 2022 11:21AM ET
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© Reuters. FILE PHOTO: U.S. President Joe Biden delivers remarks about the student loan forgiveness program from an auditorium on the White House campus in Washington, U.S., October 17, 2022. REUTERS/Leah Millis/File Photo

NANTUCKET, Mass. (Reuters) -U.S. President Joe Biden said on Thursday that price caps on Russian oil being proposed under the Group of Seven nations (G7) scheme were in play, adding that he had spoken to Treasury Secretary Janet Yellen on the issue.

"Yes, it's in play," Biden told reporters during a Thanksgiving holiday visit to a fire station on Nantucket Island.

European Union governments were set to resume talks on Thursday evening or Friday after failing to reach a deal on Wednesday on the level to cap prices for Russian sea-born oil.

The Biden administration sees the price cap as a way to cut oil revenues for Russia, a major source of its funding for its war against Ukraine, while keeping Russian oil flowing and avoiding price spikes.

The G7, including the United States, as well as the whole of the European Union and Australia, are set to implement the price cap on sea-borne exports of Russian oil on Dec. 5.

Some 70%-85% of Russia's crude exports are carried by tankers rather than pipelines. The idea of the price cap is to prohibit shipping, insurance and re-insurance companies from handling cargos of Russian crude around the globe, unless it is sold for no more than the price set by the G7 and its allies.

U.S. President Biden says Russian oil price cap in play
 

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Comments (5)
syedarshadullah hussaini
syedarshadullah hussaini Nov 29, 2022 11:25AM ET
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russia will pay back,brace for it
Maximus Maximus
Maximus Maximus Nov 24, 2022 11:44AM ET
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russia, now officially a state sponsor of terrorism, will further continue its decline into a failed state for every sanction put upon them, so keep it up! 👏
jason xx
jason xx Nov 24, 2022 11:44AM ET
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Ya they are finished and for what?
Dave Sa
Dave Sa Nov 24, 2022 11:44AM ET
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Yes, Biden’s plan to turn the ruble into rubble is working out great so far… oh wait.
Glen Vachovski
Glen Vachovski Nov 24, 2022 11:06AM ET
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Good luck mr. Alzheimer
Maximus Maximus
Maximus Maximus Nov 24, 2022 11:06AM ET
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learn to respect your seniors you cretin
Benjamin USA
Benjamin USA Nov 24, 2022 11:06AM ET
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The front is in your future, Ivan!!
Alex Malmstrom
Alex Malmstrom Nov 24, 2022 11:01AM ET
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How America got this demented fossil elected as president is beyond me!
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Benjamin USA
Benjamin USA Nov 24, 2022 11:01AM ET
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Alex Malmstrom join the front soon, please!!!!
jason xx
jason xx Nov 24, 2022 11:01AM ET
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Maximus Maximus Truth. You have to be subhuman to support traitor trump
John Eisenbeiser
John Eisenbeiser Nov 24, 2022 11:01AM ET
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The democrats cheated like son of a bitches in a half dozen urban areas controlled by those wretched scalliwags.
Alex Malmstrom
Alex Malmstrom Nov 24, 2022 11:01AM ET
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Maximus Maximus  Hahaha you are still claiming that Biden has wisdom! You really are as retar.ded as your geriatric leader!
Alex Malmstrom
Alex Malmstrom Nov 24, 2022 11:01AM ET
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jason xx  Well, if it isn't Jason with the female chromosomes!
Roger Miller
Roger Miller Nov 24, 2022 10:53AM ET
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Nothing more than political theatre. Worst yet, it will motivate Russia to sell at a discount to other countries, some unfriendly, while citizens of western countries will have to pay a premium. Exactly what’s been already happening. The only ones paying the price are people in Europe and North America.
Marthinus De Beer
CrystalEyelBall Nov 24, 2022 10:53AM ET
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Here in South Africa the high fuel prices is *******our economy slowly and our savings account
Brad Albright
Brad Albright Nov 24, 2022 10:53AM ET
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@Roger: The oil market (you know, reality?) disagrees with you.
 
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