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USA: ‘Impact of our efforts to implement price cap is already bearing fruit’ – White House spox

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White House Press Secretary Karine Jean-Pierre commented on the G7 plan to put a global price cap on Russian oil, speaking at a briefing in Washington DC on Friday. Jean-Pierre went on to say that the price cap plan is already « bearing fruit, » as Russia was offering discounts of as much as 30 per cent and long-term contracts, according to her. « A global price cap will help us accomplish our two goals. The first one significantly reduce Putin’s biggest source of revenue for his war, number two is to ensure that oil continues to flow into the market at lower prices and supply meets demand, » she explained. The WH spokesperson did not reveal more details, saying that G7 will determine the price cap level and release further information in the upcoming week. Earlier, Group of Seven finance ministers agreed to impose a price cap on Russian oil. The Kremlin warned that imposing a cap on Russian oil prices would « destabilise » the oil market.

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