US, South Korea to Expand Cooperation in Foreign Exchange, Price Cap on Russian Oil

South Korean President Yoon Suk-yeol (R) shakes hands with U.S. Treasury Secretary Janet Yellen (L) during a meeting at the presidential office in Seoul, South Korea on July 19, 2022. South Korean Presidential Office via Getty Images

The United States and South Korea have agreed to expand cooperation in stabilizing the foreign exchange market and capping the price of Russian oil to alleviate rising global inflation.

U.S. Treasury Secretary Janet Yellen met with South Korean Finance Minister Choo Kyung-ho in Seoul, South Korea, on July 19 to discuss economic security and measures for strengthening supply chains.