Russian Oil Price Cap Is Weeks-Not-Months Away, US Treasury Says

The Group-of-Seven industrialized economies are within weeks of announcing a formal cap on the price of Russian oil, according to a US Treasury official.

The step will be announced “substantially before Dec. 5,” Ben Harris, US Treasury’s assistant secretary for economic policy, said on the sidelines of the Argus European Crude Conference in Geneva on Tuesday. That’s the date when aggressive European Union sanctions on Russian oil exports are due to enter into force.

The cap is actually designed keep Russian oil flowing, not curb it, because it would give participating buyers access to key European services -- especially tanker ...