WASHINGTON, July 8 — US Treasury Secretary Janet Yellen will continue to press the case among her G20 counterparts for a price cap on Russian oil, to choke off funds for Moscow...
WASHINGTON, July 8 — US Treasury Secretary Janet Yellen will continue to press the case among her G20 counterparts for a price cap on Russian oil, to choke off funds for Moscow to continue the war in Ukraine, officials said.
A “growing global coalition” of countries shares Washington’s objectives of denying Russian leader Vladimir Putin revenue to fund his military, as well as “addressing the impact that his unprovoked war is having through high energy prices, which is particularly hurting emerging markets.” The Group of Seven leaders agreed late last month to explore a mechanism to implement the ceiling, rather than try to limit the volume of Russia’s oil exports — which could have the unwanted effect of driving prices even higher, helping Moscow and hurting consumers.
The US proposal builds on the European Union plan to halt Russian oil imports at the end of the year, and ban maritime insurance, which would hinder Moscow’s ability to ship crude to its remaining customers.
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