China’s commerce ministry said on Thursday that setting a cap on the Russian oil price is a “very complicated issue” and the precondition to solve the Ukraine crisis is to promote peace talks among relevant parties.

“It’s in the interests of all parties to push the situation of the Ukraine crisis to cool down, not to heat it up,” ministry spokeswoman Shu Jueting told a news conference.

U.S. Treasury Secretary Janet Yellen raised the idea of placing a cap on the price of Russian oil during a virtual meeting on July 5 with Chinese Vice Premier Liu He, Shu said.
Source: Reuters (Reporting by Beijing Newsroom; editing by Jason Neely)