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Top economic policymakers of S. Korea, U.S. discuss Russian oil price cap

Economy 09:04 July 02, 2022

SEOUL, July 2 (Yonhap) -- The top economic policymakers of South Korea and the United States have discussed a Washington-led proposal to impose a price cap on Russian oil as part of sanctions against Moscow, Seoul's finance ministry said Saturday.

Finance Minister Choo Kyung-ho and U.S. Treasury Secretary Janet Yellen held a conference call on Friday to discuss the issue, ahead of her planned travel to South Korea on July 19-20, according to the ministry.

Yellen raised the need to introduce a price cap on Russian oil in a bid to help stabilize high energy prices and reduce Russia's revenue from oil exports, the ministry said.

Choo expressed his "understanding" about the intention of the proposed price cap and asked the U.S. to share details if its action plan is fleshed out.

Despite international sanctions, Russia has enjoyed higher oil export revenues as it has shipped crude oil to China and other developing nations at a discount price.

The Group of Seven (G7) have recently agreed to explore options to impose price caps on Russian oil in an effort to reduce Russia's funding for its war in Ukraine from oil revenue.

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

This photo, taken June 23, 2022, shows Finance Minister Choo Kyung-ho. (Yonhap)

sooyeon@yna.co.kr
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