The heads of economy of South Korea and the United States discussed ways for South Korea to participate in the Russian crude oil price cap system promoted by the G7.
According to the Ministry of Strategy and Finance, Deputy Prime Minister and Minister of Strategy and Finance Choo Kyung-ho had a conference call with U.S. Treasury Secretary Janet Yellen last night to discuss the cap on the price of Russian crude oil.
Finance Minister Yellen mentioned the need to implement a price cap on Russian crude oil to stabilize energy prices and reduce Russia's profits, and explained the trend of discussions in the international community, including the G7, the Ministry of Finance reported.
"Korea is also facing inflationary pressures due to a surge in international oil prices," said Deputy Prime Minister Chu. "I understand the purpose of introducing the price cap."
At the same time, he asked the U.S. to "share the specific implementation plan for the price cap system as soon as it is drawn up."
Deputy Prime Minister Choo and Minister Yellen will meet in person during the G20 Finance Ministers Meeting to be held in Bali, Indonesia in the middle of this month and during Yellen's visit to Korea to further discuss major economic issues.
(Photo = Yonhap News)