Since the start of the conflict, Moscow has made tens of billions of dollars from the sale of oil.
The United States is talking with its allies to further restrict Russia’s oil revenues by capping the price of its crude oil, US Treasury Secretary Janet Yellen said on Monday during a visit to Canada.
“We continue to have productive conversations with our partners and allies around the world about how to further restrict Russia’s energy revenues, while avoiding collateral effects on the global economy,” Janet Yellen said at the a press conference.
“We are talking about price caps or a price exception that would broaden and deepen recent and proposed energy restrictions” imposed by the United States and its allies, “which would lower the price of Russian oil and contract revenues. of Putin while allowing more oil to reach the world market,” she explained.
“Avoiding side effects”
A price cap “would prevent collateral effects on low-income and developing countries struggling with high food and energy costs,” she said.
Janet Yellen traveled to Canada to strategize with local Deputy Prime Minister Chrystia Freeland on how the two countries will continue to tackle the Ukraine crisis, tackle runaway inflation, strengthen chains global supply chains and securing critical minerals.
Both agreed that managing inflation was primarily a matter for central banks, but said governments could eventually adopt targeted measures to relieve Americans and Canadians facing purchasing power problems, particularly on the food and fuel.