US Treasury Department says it hopes to determine Russian oil price cap in July

Deputy Treasury Secretary Brian Nelson said that the price cap for Russian oil should be set in early July.

He made the statement in an interview with Nikkei newspaper.

Nelson said Washington expects to reach an agreement on Russia's oil price cap following a visit to Asia by Treasury Secretary Janet Yellen.

Nelson believes that China and India, which have been increasing their imports of Russian oil, would react positively to such a decision.

"There are good reasons to join the price controls because they will lower the cost of oil. All countries that buy oil from Russia will benefit from it," the deputy head of the US Treasury Department said.