“The Biden administration is trying to stave off a bipartisan push on Capitol Hill to sharpen the enforcement of a proposed cap on the price of Russian oil, aiming to avoid an escalation that officials worry could upset the effort’s delicate diplomatic balancing act,” the Wall Street Journal reports.
“Treasury and White House officials have been working for months on a plan to set a cap on the sales price of Russian oil around the world. With allies in the Group of Seven wealthy nations, they have designed a plan to limit Russia’s revenue from oil sales while still keeping Russian oil available on global markets. The plan would bar the use of Western financial services for shipping Russian oil if the oil isn’t sold below the cap.”
