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U.S.-Backed Plan to Cap Price of Russian Oil Hits Delays

October 28, 2022

The Biden administration’s effort to roll out a price cap on Russian oil has hit delays, as the Treasury Department tries to ease industry concerns about the novel sanctions regime at the center of the West’s economic battle with Russia.

The U.S. and its allies are preparing to bar businesses in their countries from shipping, financing and insuring Russian oil on Dec. 5 unless the oil is sold below a set price—and had hoped to finalize the plan at least a month ahead of time to prepare oil markets. The U.S. is coordinating the strategy with other Group of Seven advanced democracies and Australia.

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