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Seoul, Washington discuss Russian oil price cap
Updated: 2022-07-02 13:07:12 KST
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 held a conference call on Friday 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.
The G7 recently agreed to explore options to impose price caps on Russian oil in an effort to reduce the country's funding of its war in Ukraine.
Brian Nelson, the U.S. Treasury Department's undersecretary for terrorism and financial intelligence, reportedly asked Seoul to join the efforts.
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