The United States hopes to see a global price cap on Russian oil introduced by December, US Deputy Treasury Secretary Wally Adeyemo said on Wednesday.

“We are following on what the Europeans have done,” he told the Aspen Security Forum in Colorado.

“They introduced the idea of looking to do a price cap but they also said by December, they plan to put in place their insurance ban.

“Our goal is to make sure that as that insurance ban is going into place, we're in a position where there's a price cap that can be joined onto that that is a global one that helps to drive down global energy prices and also allows Russian energy to flow into the market place.”

Russia will not export oil to the world market if the price is capped below the cost of production, Interfax news agency quoted Deputy Prime Minister Alexander Novak as telling Russian television earlier./Reuters