US in Talks With Allies on Russian Oil Price Cap, Says Yellen

United States is in talks with Canada and other allies globally to further restrict Moscow's energy revenue by imposing a price cap on Russian oil without causing spillover effects to low-income countries, Treasury Secretary Janet Yellen said on Monday.

“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,” Yellen told reporters in Toronto.

“We think a price exception is also an important way to prevent spillover effects to low income in developing countries that are struggling with high costs food and energy,” Yellen said, speaking along side Canadian Finance Minister Chrystia Freeland.

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