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August 16
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The top economic policymakers of South Korea and the United States have discussed a Washington-led proposal to impose a price cap on Russian oil as part of sanctions against Moscow, Seoul's finance ministry said Saturday, Yonhap reported.

Finance Minister Choo Kyung-ho and US Treasury Secretary Janet Yellen held a conference call on Friday to discuss the issue, ahead of her planned travel to South Korea on July 19-20, according to the ministry.

Yellen raised the need to introduce a price cap on Russian oil in a bid to help stabilize high energy prices and reduce Russia's revenue from oil exports, the ministry said.

The Group of Seven (G7) have recently agreed to explore options to impose price caps on Russian oil in an effort to reduce Russia's funding for its war in Ukraine from oil revenue.

Brian Nelson, the US Treasury Department's undersecretary for terrorism and financial intelligence, reportedly asked South Korea to join the move during his recent visit to Seoul.

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