Washington's plans were announced by Janet Yellen, head of the US Treasury, during her visit to Canada. She spoke about the principle of the mechanism to reduce profits from Russian oil.
Speaking about the Ministry's plans, Yellen specified that the initiative is being worked out by the U.S. and its allies. The aim of the initiative is to expand the supplies of Russian oil to the world market, but at a reduced cost.
The Head of the Ministry stressed that this mechanism "will expand and strengthen energy restrictions", which were previously imposed by the Western countries.
For example, the price cap will enable European companies to continue insuring oil supplies from Russia. Speaking about that, Yellen concluded: "You can interpret this as an exception to that ban".