Treasury outlines plans to tighten oil price cap amid signs Russia is skirting it

The Treasury Department announced new enforcement measures on Thursday aimed at tightening the G7 price cap on Russian oil amid reports that Moscow’s flagship Urals-grade crude is being sold at prices far higher than the $60-per-barrel cap set by Western leaders.

He said the Treasury is still committed to the goals of the price cap, which were to limit Russia's funding for the war in Ukraine and to ensure that Russian supplies remain on the market so that prices don't soar. The publication provides specific recommendations and best practices to help them comply with the terms of the cap, according to Treasury officials.

Earlier this week, she said in an interview that the United States is “very likely” to take additional steps to enforce the $60-per-barrel limit on Russian crude exports set by the G7-led price cap coalition last December, which was separately confirmed to the Washington Examiner by a senior Treasury spokesperson.

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