US and South Korea Finance Ministers Discuss Implementation Plan for Russia Oil Price Cap

[Asia Economy Sejong=Reporter Son Seon-hee] The finance ministers of South Korea and the United States agreed on the necessity of introducing a price cap on Russian crude oil and decided to share and cooperate once the U.S. side develops implementation measures.

According to the Ministry of Economy and Finance on the 2nd, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho and U.S. Treasury Secretary Janet Yellen held a conference call at 9 p.m. (Korean time) the previous day to discuss this matter.

The conference call was held at the request of the U.S. side, and the Ministry of Economy and Finance stated that the price cap on Russian crude oil was the main agenda item discussed.

Treasury Secretary Yellen mentioned the necessity of implementing a price cap on Russian crude oil to stabilize energy prices and reduce Russia's revenue, and explained the trends of discussions in the international community, including the Group of Seven (G7).

In response, Deputy Prime Minister Choo said, "South Korea is also facing inflationary pressures due to the sharp rise in international oil prices," and added, "We understand the purpose of introducing the price cap." He also requested the U.S. side to "share specific implementation plans for the price cap as they are developed."

Deputy Prime Minister Choo and Secretary Yellen highly evaluated the close cooperation system maintained between South Korea and the U.S. on various economic issues and sanctions against Russia, and agreed to continue cooperating without change in the future.

Deputy Prime Minister Choo and Secretary Yellen plan to meet in person to broadly discuss major economic issues during the Group of Twenty (G20) Finance Ministers' Meeting held in Bali, Indonesia, in mid-June and during Secretary Yellen’s visit to South Korea.

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