Yellen Pushes Plan To Cap Price Of Russian Oil On Global Markets

The United States is pressing to implement a plan meant to force Russia to sell oil at artificially low prices on the global market, in order to deprive the Kremlin of funding for its war in Ukraine.

Speaking at a news conference in Bali, Indonesia, before the start of a meeting of the finance ministers of the G-20 large economies, Yellen restated the Biden administration’s condemnation of Russia’s invasion of Ukraine.

 She said that cutting its profits from crude oil sales “would deny [Russian President Vladimir] Putin the revenue his war machine needs.”

She also argued that capping the price of Russian oil would further one of the administration’s major domestic aims: reducing inflation.


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Edited by Jesus Chan

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