Here’s How The U.S. Wants To Structure The Russian Oil Price Cap

The U.S. Department of the Treasury is looking to structure a three-phased approach to the G7 sanctions and price caps on Russian oil to keep Russian crude and products flowing, but at lower prices, according to Ben Harris, Assistant Secretary for Economic Policy at the Treasury Department. The G7 group of the most industrialized nations will first target Russia’s crude oil, then move on to include diesel at a second stage, and lower-value products such as naphtha in the third phase, Harris said at the Argus European Crude Conference in Geneva…