Yellen is in talks with allies about Russia’s oil price cap


Toronto — The United States is in talks with Canada and other allies to further limit Moscow’s energy income by imposing a price cap on Russian oil, Treasury Secretary Janet Yellen said Monday.

“We are pushing down the price of oil in Russia, pushing down Putin’s income while allowing more oil, the price caps or price caps that strengthen and strengthen recent and proposed energy limits by Europe, the United States, the United Kingdom, etc. Supply to reach the global market talking about price exceptions, “Jelen told reporters in Toronto.

Yellen, along with Canada’s Treasury Minister Chrystia Freeland, said, “Price exceptions are an important way to prevent the ripple effect on developing countries suffering from low-income and high-cost food and energy. But I think it is. “

Yellen said price exceptions are effective limits that can be achieved through mechanisms that limit or ban insurance or lending for Russian oil transport above a certain amount.

The United States, Canada, the United Kingdom, and several other countries have banned Russia’s oil imports, but the European Union is still heavily dependent on Russia’s crude oil.

Yellen was asked if US President Joe Biden plans to seek an agreement on oil price plans at the Group of Seven (G-7) summit next week in Germany. He is very active and is actively working with his partners. “

Freeland said Canada’s attempt to limit Russia’s oil revenues “is a really good idea,” but recognizes that this will be a challenge for European countries. ..

“The step here is to talk with our European partners and recognize how central they are in making decisions here,” Freeland said, and Ukraine needs to be included in all decisions. I added.

David Loader