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Washington asks Seoul to join proposals to cap Russian oil prices

All News 22:25 June 29, 2022

SEOUL, June 29 (Yonhap) -- The United States has asked South Korea to back a proposal to cap Russian oil prices as part of international sanctions against its invasion of Ukraine, sources said Wednesday.

Russia is basking in higher prices for its crude oil on the back of robust demand in Asia, which partly cripples Western nations' efforts to rein in Russia's funding for its war against Ukraine.

Against this backdrop, the Group of Seven nations recently have agreed to introduce the price cap on Russian oil.

According to the sources, Brian Nelson, the U.S. Treasury Department's undersecretary for terrorism and financial intelligence, asked South Korea to join the move during his recent visit to Seoul.

South Korea has been teaming up with Western nations for sanctions against Russia over its invasion of Ukraine.

The sources said the price cap on Russian oil may be one of the key agenda items during meetings between key South Korean officials and U.S. Treasury Secretary Janet Yellen, who will make a two-day trip to South Korea next month.


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