European Union officials are set to meet on Wednesday, and the 27-nation bloc will need to come to unanimous agreement on the final price cap number. Treasury has declined to speak about what the range might be, but maintains that the European nations will come up with a final number.
While U.S. Treasury officials and leading economists are confident that the plan will work as planned, others are wary of trying to implement it before winter, in a global economy facing already high inflation and other economic uncertainties.
Former Treasury Secretary Steve Mnuchin called the plan "ridiculous" last week, on a panel at the Milken Institute's Middle East and Africa Summit. Mnuchin told CNBC the idea was "not only not feasible, I think it's the most ridiculous idea I've ever heard."
White House National Security Council spokesman John Kirby said Tuesday that the administration is “trying to be as supportive as we can be, particularly in terms of the implementation” of the price cap.
He added that the administration did not want to get ahead of European allies but reiterated the administration's view that it could be an effective tool against Moscow.
“We believe that this will effectively help prevent Mr. Putin’s ability to profiteer off the oil markets ... and fund his war in Ukraine,” Kirby said.
Associated Press reporter Aamer Madhani contributed to this report.