Oil prices could spike in winter, Yellen says & More Latest News

U.S. Treasury Secretary Janet Yellen holds a information convention in the Cash Room on the U.S. Treasury Department in Washington, U.S. July 28, 2022. REUTERS/Jonathan Ernst/File Photo

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WASHINGTON, Sept 11 (Reuters) – U.S. Treasury Secretary Janet Yellen on Sunday stated Americans could expertise a spike in fuel prices in the winter when the European Union considerably cuts again on shopping for Russian oil, including {that a} proposed Western worth cap on Russia’s oil exports is being designed to maintain prices in verify.

“It’s a risk, and it’s a risk that we’re working on the price cap to try to address,” Yellen instructed CNN.

The potential worth improve could come as a result of the EU “will cease for the most part buying Russian oil” and impose a ban on providers that permit Russia to ship oil by tanker, she stated.

The worth cap plan agreed to by G7 rich nations requires taking part international locations to disclaim insurance coverage, finance, brokering, navigation and different providers to grease cargoes priced above a yet-to-be-determined worth cap on crude and oil merchandise.

Yellen stated the value cap is aimed toward decreasing income Russia could use to wage struggle in Ukraine whereas sustaining Russian oil provides to maintain international prices down.

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Reporting by Katharine Jackson
Editing by Bill Berkrot

Our Standards: The Thomson Reuters Trust Principles.


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