“The Biden administration is trying to prevent a bipartisan push on Capitol Hill to tighten enforcement of a proposed cap on the price of Russian oil, in an effort to stave off an escalation that officials fear could disrupt the delicate exercise in diplomatic balancing of effort,” said the the wall street journal reports.
“Treasury and White House officials have been working for months on a plan to cap the price of Russian oil sold around the world. With allies in the wealthy nations of the Group of Seven, they devised a plan to limit Russia’s revenue from oil sales while keeping Russian oil available on world markets. The plan would ban the use of Western financial services to ship Russian oil if the oil is not sold below the cap.
