 U.S. resists Ukraine's calls to ramp up oil restrictions on Russia. The White House has rejected repeated requests from Kiev to tighten the price cap on Russian oil due to concerns that new drastic measures could undercut the global economy, the Washington Post reported, citing sources. According to people familiar with the matter interviewed by the publication, Ukraine wants the Biden administration to put more pressure on Moscow's economy by reducing the oil price cap from $60 U.S. dollars to $30 U.S. dollars. However, U.S. officials are said to have so far refused to play ball due to concerns that ratcheting up sanctions could royal global markets, just as America is about to head into the 2024 presidential election. The outlet sources also say that any such move would require endorsement from the EU at the risk of undermining overall military support for Ukraine. Meanwhile, Oleg Estenko, an economic adviser to Ukrainian President Vladimir Zelensky, has called on the West to take collective action to tighten up economic restrictions. We need significant downward pressure on the price cap, or the Russians will have enough cash on hand to continue this war, he told the paper. The price cap on Russian oil, which also prohibits Western firms from providing shipping, insurance, and other services related to the seaborn export of this type of commodity unless it is sold at or below the set threshold, was imposed by the EU, G7, and a number of their global partners last December. The sanctions sought to undermine Russia's ability to fund its army in the ongoing Ukraine conflict.