U.S. Treasury's Adeyemo says price caps could limit Russian oil revenues

U.S. Treasury Secretary Wally Adeyemo said on Tuesday that Russia's oil profits have likely risen despite lower crude exports, and the United States and its allies must find ways to reduce Moscow's oil revenue, possibly by capping prices.

"There are a number of options in terms of reducing Russia's revenue," Adeyemo told a U.S. Senate Appropriations subcommittee hearing. "There are things like introducing a price cap," he said, adding that such moves must be taken in cooperation with U.S. allies and partners.