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May 18, 2023 Elizabeth Rosenberg, Assistant Secretary for Terrorist Financing & Financial Crimes Eric Van Nostrand, Acting Assistant Secretary for Economic Policy A year ago at the G7 Summit in Elmau, the leaders agreed to pursue a policy to cap the price of Russian oil to prevent Russia from continuing to earn a wartime premium. The price cap policy is a novel tool of economic statecraft designed to achieve two seemingly contradictory goals: restricting Russia’s oil revenues while maintaining the supply of Russian oil. Meeting these goals would make it harder for Russia to fund its brutal war in Ukraine while keeping energy costs down for consumers and businesses around the world. Nearly six months after implementation, the price cap is achieving both goals. We will continue to monitor dynamics in the global oil market going forward and adjust as necessary in support of these goals. Russian exports have continued to flow, contributing to global oil market stability. Even as global oil prices have remained stable, the price of Russian oil has fallen significantly—driving down the Kremlin’s revenue. Immediately after the invasion, Russia received windfall profits on an oil price spike created by its war in Ukraine. But today, […]
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