South Korea agreed to support the U.S. proposal to cap the price of Russian oil

South Korea announced today that it will support a U.
S.
-led plan to cap the price of Russian oil, agreeing to Washington's proposal to moderate global inflation
while limiting revenues from Moscow.

Finance Minister Yeat Yeon (right) and South Korean Finance Minister Cho Kyung-ho hold bilateral talks

Reuters reported that after the bilateral talks between Finance Minister Janet Yellen and South Korean Finance Minister Choo Kyung-ho, South Korea's Finance Ministry issued a statement saying that the two had also agreed to inject liquidity into the currency market if necessary, but did not elaborate
on it.

After Russia swung its forces in Ukraine, Yellen continued to advocate a cap on Russian oil prices and continued to win the support of key allies such as South Korea, hoping to reverse the soaring oil prices and trigger a recession
.

According to the Korea Oil Corporation, 5% of South Korea's crude oil imports last year came from Russia
.

Although the price cap has not yet been established, a joint price cap by major Russian oil buyers, including the European Union, could force Russia to abandon some of its oil exports or sell oil
at the price limit.

The United States and South Korea have been discussing the issue in conference calls since at least early July, and Choh asked the United States for more details
.

Yellen told reporters on the 16th that she held a very fruitful bilateral meeting with the finance ministers of more than six countries on the upper limit of oil prices on the sidelines of the Group of 20 (G20) finance ministers' meeting
in Bali, Indonesia.