U.S. Deputy Treasury Secretary Wally Adeyemo said Wednesday that U.S. prices remain too high and the Biden administration must do everything it can to bring them down, including promoting a price cap for Russian oil exports.

Adeyemo told CNBC in an interview that he believes that other countries will be "very interested" in the price cap idea now being discussed by Treasury Secretary Janet Yellen with G20 finance chiefs because it would further bring down their costs for energy.