China says Russian oil price cap is a "very complicated issue"
China's commerce ministry confirmed on July 14 that talks were taking place with the US government on imposing a price cap on Russian oil, but said that it was a "very complicated issue."
Washington and its Western allies have been discussing for several months imposing a price cap on Russian oil exports, which would allow buyers to continue receiving supplies from the country, but at a discounted rate, which would fulfil the goal of depriving Moscow of revenues.
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US treasury secretary Janet Yellen is holding talks with Asian governments this week in an effort to drum up support for the proposal. But it is seen as critical that China, among Russia's closest geopolitical allies, and India, which has maintained a neutral stance in the Russia-Ukraine conflict, agree to participate.
"It's in the interests of all parties to push the situation of the Ukraine crisis to cool down, not to heat it up," commerce ministry spokeswoman Shu Jueting told a news conference on July 14, according to Reuters.
Yellen discussed the Russian oil price cap in a virtual meeting with Chinese vice premier Liu He on July 5, Shu said.