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But keeping Russian oil on the market and global prices low soon became the bigger priority as oil prices jumped, people familiar with the mechanism's evolution and energy analysts said. Analysts said the cap will have little immediate impact on the oil revenues that Moscow is currently earning. "I really think that the U.S. Treasury's main objective was to defuse the EU embargo," on Russia's oil exports, Cahill said. The official said the price cap is "institutionalizing" current market discounts, arguing that the price cap created them. The $60 price cap level was agreed on Friday after fierce debate.

☆ U.S. Treasury's Adeyemo calls for global cooperation on crypto regulations
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Dec 1 (Reuters) - The collapse of Bahamas-based cryptocurrency exchange FTX points up the need for the United States to cooperate with other countries to develop effective international regulations for the crypto sector, U.S. Deputy Treasury Secretary Wally Adeyemo said on Thursday. Adeyemo told the Reuters NEXT conference that it was important to erect regulatory regimes to protect investors, consumers and financial stability and block illicit uses of cryptocurrencies. Because FTX was not a U.S.-based firm, the effort must broadened, he said. "This is a global phenomenon. And what that means is that we're going to have to work closely with our international partners to design a regulatory regime in a framework that helps us to make sure we protect the global economy as we think about innovation like cryptocurrency," Adeyemo told Reuters NEXT.

☆ Treasury's Adeyemo says China continues to struggle with zero-COVID policy
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: 1 min

NEW YORK, Dec 1 (Reuters) - U.S. Deputy Treasury Secretary Wally Adeyemo said China was continuing to struggle with its zero-COVID policy and growth there been disappointing, while policies aimed at large-scale vaccinations had put the U.S. economy on a better course. Asked about unexpected protests springing up across China against further lockdowns, Adeyemo said the United States believed in the right of people to protest. "Today the U.S. economy is open. We have an economy that is growing robustly, and in China, they are still locking down because they haven't done the things that we did," he said. To view the Reuters NEXT conference live on Nov. 30 and Dec. 1, please click [https://www.reuters.com/world/reuters-next/]Reporting by Daniel Burns and Andrea ShalalOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. Treasury's Adeyemo says $60 oil price cap will limit Russia's revenues
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: 1 min

NEW YORK, Dec 1 (Reuters) - A tentative European Union deal for a $60-a-barrel price cap on Russian oil is in the range of potential price levels that the U.S. Treasury has discussed and would limit Russian oil revenues, U.S. Deputy Treasury Secretary Wally Adeyemo told Reuters NEXT on Thursday. Adeyemo said that he believes that EU member countries will finalize the price cap agreement because they have consistently applied sanctions to punish Russia for its invasion of Ukraine. Reporting by David LawderOur Standards: The Thomson Reuters Trust Principles.

☆ Economies in Asia have the tools to manage economic headwinds, U.S. deputy Treasury secretary says
▼ + stars: | 2022-10-24 | by ( Su-Lin Tan | ) www.cnbc.com time to read: +2 min

Arkhom Termpittayapaisith, Thailand's finance minister, speaks at the meeting of finance ministers of the Asia-Pacific Economic Cooperation in Bangkok on Oct. 20, 2022. Andre Malerba | Bloomberg | Getty ImagesAsian economies are well-equipped to withstand economic headwinds next year, the U.S. Treasury said following the conclusion of the APEC Finance Ministers' Meeting in Thailand last week. During the two-day meeting, finance ministers in Asia-Pacific also pledged not to adjust exchange rates for competitive purposes, recognizing that "excessive volatility or disorderly movements in exchange rates can have adverse implications for economic and financial stability." He added that U.S. legislation such as the CHIPS Act could help the region generate economic activity. "Ultimately I have come away from with a sense that the economies in this region have the tools to manage through the headwinds that they face": Wally Adeyemo Bloomberg | Bloomberg | Getty Images

☆ Exclusive-U.S. says Russia oil price cap will not be aimed at OPEC
▼ + stars: | 2022-10-19 | by ( Noah Browning | Dmitry Zhdannikov | ) www.reuters.com time to read: +3 min

Slideshow ( 2 images )Washington has communicated to representatives of the Organization of the Petroleum Exporting Countries (OPEC) to reassure them of those limits to its plans, the official added. Tensions have simmered between consumer countries, such as the United States and oil producers over output policy, with sources telling Reuters that OPEC anger about the price cap plan was among the reasons for its decision to cut output. The White House said the United States’ analysis showed the cut could have waited until the next OPEC meeting, after the November U.S. midterm elections. But OPEC officials did not link the move to the Russian oil price cap in their discussions with the United States, U.S. Deputy Treasury Secretary Wally Adeyemo said last week. Agreed by G7 nations in September, the price cap plan faced clashing with much stricter European Union bans on Russian shipments ratified in June.

A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. Washington has communicated to representatives of the Organization of the Petroleum Exporting Countries (OPEC) to reassure them of those limits to its plans, the official added. The White House said the United States’ analysis showed the cut could have waited until the next OPEC meeting, after the November U.S. midterm elections. But OPEC officials did not link the move to the Russian oil price cap in their discussions with the United States, U.S. Deputy Treasury Secretary Wally Adeyemo said last week. Agreed by G7 nations in September, the price cap plan faced clashing with much stricter European Union bans on Russian shipments ratified in June.

☆ U.S. Treasury's Adeyemo heads to APEC meeting with focus on trade, 'resilience'
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

Adeyemo, who has led work on U.S. sanctions over Russia's invasion of Ukraine, will represent the United States when the Asian Economic Cooperation (APEC) finance ministers meet in Bangkok on Wednesday and Thursday, Treasury said. He will also meet with Thailand's Finance Minister Arkhom Termpittayapaisith. The newly relaunched G7 Partnership for Global Infrastructure and Investment (PGII) and U.S. efforts to build up supply chains with trusted partners were also on the agenda. "While the U.S. economy remains resilient in the face of these headwinds, the Deputy Secretary will work with partners to increase resilience in their economies," it said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Andrea Shalal; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Alexander ManzyukNEW YORK, Oct 12 (Reuters) - The United States is already starting to see success with discussions of a Russian oil price cap, as Washington has heard countries are negotiating deals with Russia to buy oil far below the benchmark Brent crude price, a top U.S. Treasury official said Wednesday. A price cap on Russian seaborne oil deliveries is being developed by the United States and other G7 countries to cut Russia's oil revenues, while encouraging Moscow to continue to produce oil. Governments and companies restricted purchases of Russian oil after Moscow invaded Ukraine in on Feb. 24. The price cap on Russian oil was agreed in principle last month by the Group of Seven rich countries. The United States will look at historical data for what Russia has earned in the past for their oil to set the price cap, Adeyemo said.

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