US in Talks with Allies on Russian Oil Price Cap, Says Yellen

Yellen said a price exception is an effective cap that could be achieved by restricting insurance or financing for Russian oil shipments above a certain amount.

David Lawder, Reuters

The United States is in talks with Canada and other allies to further restrict Moscow's energy revenue by imposing a price cap on Russian oil, Treasury Secretary Janet Yellen said on June 20.

"We are talking about price caps or a price exception that would enhance and strengthen recent and proposed energy restrictions by Europe, the United States, the UK and others, that would push down the price of Russian oil and depress Putin's revenues, while allowing more oil supply to reach the global market," Yellen told reporters in Toronto.

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