Markets Wired

WASHINGTON – On Wednesday, December 7, Deputy Secretary Adeyemo spoke with Turkish Deputy Foreign Minister Sedat Onal to discuss the United States and Turkey’s shared goal to end Russia’s unconscionable war of choice. In addition, the Deputy Secretary and Deputy Foreign Minister discussed implementation of the price cap on Russian seaborne oil, which will limit Russia’s key source of revenue while stabilizing global energy markets. The Deputy Secretary highlighted the fact that the price cap regime only applies to oil of Russian origin and does not necessitate additional checks on ships passing through Turkish territorial waters.  Both officials highlighted their shared interest in keeping global energy markets well-supplied by creating a simple compliance regime that would permit seaborne oil to transit the Turkish straits. The Deputy Secretary thanked Deputy Foreign Minister Onal for his commitment to these goals and to quickly addressing any challenges as they arise.