US wants to cap Russian oil revenues

RT.com
21 Jun 2022, 21:14 GMT+10

The Treasury Department says it is working with allies to create a buyer's cartel to pay less for Russian crude

US Treasury Secretary Janet Yellen said on Monday talks are continuing with allies to further restrict Russia's energy revenues by imposing a price cap on the country's oil.

"We are continuing to have productive conversations, today and with our partners and allies around the world with how to further restrict energy revenues to Russia while preventing spillover effects to the global economy," Yellen said during a press conference in Toronto alongside Canadian Finance Minister Chrystia Freeland.

"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," she explained.

The United States, Canada, the UK and some other countries have banned imports of Russian oil, while the EU, which remains highly dependent on Russian energy supplies, agreed on a partial block by the end of 2022.

According to a recent report by the International Energy Agency, Russia has already earned 50% more in revenues so far this year compared to the same period in 2021. Russian Foreign Minister Sergey Lavrov earlier said that Western sanctions would have no effect on the country's oil exports and predicted a big jump in profits from energy shipments this year.

For more stories on economy & finance visit RT's business section

(RT.com)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Sierra Leone Times.

More Information

25 ℃

Mostly Cloudy in Seletar

Business

Section

UK body to recommend 4 to 5% pay raise for healthcare workers

LONDON, England: According to a report in the UK's Guardian newspaper, a government advisory agency, the National Health Service Pay ...

Asian stock markets gain on Chinese government move

SYDNEY, NSW, Australia - Stocks in Asia rose on Tuesday after China announced it would halve quarantine from 14 days ...

British consumers shop less as inflation reaches record highs

LONDON, England: As prices in stores throughout Britain rise, British consumers shopped less in May and also expressed less confidence ...

As first in US, driverless taxis picking up customers in San Francisco

SAN FRANCISCO, California: General Motors' self-driving Cruise division has begun charging fares for driverless rides in San Francisco.Earlier this month, ...

Wall Street wobbles, all major indices slide, Dow drops 62 points

NEW YORK, New York - The euphoria on Wall Street of late last week was absent on Monday as all ...

May sees 10.7% surge in US home sales

WASHINGTON D.C.: In May, sales of new U.S. single-family homes unexpectedly increased, but this is expected to be temporary, as ...

Africa

Section