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West to set price cap for Russian oil after ‘technical exercise’ – US Treasury Department

The ministry said that the Western coalition expects to launch a price cap mechanism from December 5

© Yegor Aleyev/TASS

WASHINGTON, November 23. /TASS/. Western countries expect to coordinate and set the price cap for Russian oil after a "technical exercise," the US Department of the Treasury said in a document.

"The price cap for Russian oil will be set after a technical exercise conducted by the Price Cap Coalition," reads the document, published on Tuesday.

Other details about this "technical exercise" are unknown.

Also, the Department of the Treasury said the West would seek to introduce the price cap mechanism from December 5.

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