NEW YORK, July 21. /TASS/. The US expects prices for Russian oil to be capped by December 2022 when the European Union’s ban on insurance of tankers carrying crude from the Russian Federation comes into force, Deputy Secretary of the Treasury Wally Adeyemo told the Aspen Security Forum on Wednesday.

"We are following on what the Europeans have done. In their sixth package they introduced the idea of a price cap, but they also said by December they plan to put in place their insurance ban, so our goal is to make sure that as that insurance ban is going into place we are in a position where there is a price cap that has to drive down global energy prices and also allows Russian energy to flow into the marketplace," he explained.