The US says a cap on Russian oil prices would save billions of dollars for importers like Turkey and Thailand, report says

According to the Financial Times, a price cap on Russian oil could mean cheaper oil for importers in the largest emerging markets.

There are two alternatives to the global oil market, a system allowing shipments priced below a set level, and embargoes without those exemptions.

The study found that the G7 price cap could save the 50 largest emerging market and low-income countries about $170 billion a year.

The Treasury didn't say what the capped price level would need to be in order to yield billions of dollars in savings. The Tuesday report said that an official from the department said there was significant uncertainty around the estimates.

Canada, France, Germany, Italy, Japan, the UK, and the US are part of the G7 countries. Moscow's ability to fund its war against Ukraine is being curbed by the measure.

If Russian crude oil was to be handled, it would have to be sold below the price limit.

The US would benefit from being a net exporter of energy. It would pay off even more for less developed countries that depend on oil imports.