The Biden administration intends to delay setting a price cap on Russian oil until after the November 8 midterms amid concerns that the fallout could weigh on Democrats’ standing in the upcoming vote, American media reported on Friday, citing sources.

Contingency planning, negotiations on price both within the administration and with allies, as well as the OPEC+ production cut have also contributed to the delay, the report said.

US Set to Delay Russian Oil Price Cap Announcement Until After Midterms, Reports Suggest