In an interview with FRANCE 24, US Deputy Treasury Secretary Wally Adeyemo discussed the sanctions imposed on Moscow in the wake of Russia's invasion of Ukraine. "The sanctions are working and that's why Russia is working so hard to evade them," he said. Adeyemo also discussed the cap on the price of Russian oil announced by the G7. He confirmed that this "will happen" on December 5 and predicted a knock-on effect among other buyers of Russian oil, such as China and India, who will likely demand lower prices as a result.
"Since the United States and Europe will no longer buy Russian oil as of December 5, this oil will now be available to developing countries and emerging market economies, hopefully at a far lower price," Adeyemo explained.
