Statement by Secretary Janet Yellen on Russian Oil

US Treasury Secretary Janet Yellen was optimistic about the progress made on the implementation of the price cap on Russian oil, while Yellen noted in her statement that she met with UK Finance Minister Nadhim Zahawi.

During the meeting, Secretary Yellen stated that the US and the UK are working closely on a number of common global goals and priorities. Stating that there is commonality in the responses to Russia's aggression against Ukraine, Yellen noted that the UK is a key ally in the G7's efforts to impose a ceiling price on Russian oil. "I am really optimistic about the significant progress that our teams and the entire G7 have made to implement the price cap," said Secretary Yellen. Noting that the price ceiling will contribute to 2 main goals, Yellen noted that firstly, it will reduce the income that Russian President Vladimir Putin needs to continue to wage war. US Treasury Secretary Janet Yellen explained that the other goal that the implementation will contribute to is to maintain reliable oil supply for the global market and to create downward pressure on energy prices. "I think the price cap is one of the most powerful tools we have to fight inflation by ensuring a steady flow of oil to global markets at lower prices," she said, underlining that the war that started with Russia's invasion of Ukraine has caused energy prices to rise globally. Yellen noted that without a price ceiling, there is a threat of a large increase in global energy prices if most Russian oil production is halted. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!