'Too Early To Tell' If Russian Oil Price Cap Working - US Energy Adviser

HOUSTON (UrduPoint News / Sputnik - 07th March, 2023) It is too early to tell if the West's Russian oil price cap plan is working, US Special Presidential Coordinator for Global Infrastructure and Energy Security Amos Hochstein told Sputnik.

"I think it's too early to tell but I think so far so good," Hochstein said on the margins of CERAWeek on Monday.

After Russia began its special military operation in Ukraine, the West actively searched for ways to limit Moscow's energy-related income, notably from oil and gas. The effort culminated with a $60 price-cap imposed by G7 member states and Australia on December 5. In response to the price cap, Moscow banned the supply of Russian oil and petroleum products if contracts directly or indirectly provide for a price cap, in a decree signed by President Vladimir Putin in late December.