Statement by US Treasury Secretary Yellen on the ceiling price application for Russian oil

“Our decision will accelerate the deterioration of the Russian economy”

US Treasury Secretary Janet Yellen stated that the ceiling price application for Russian oil is one of the most powerful tools in the fight against inflation.

Yellen made a written statement after the G7 finance ministers approved a plan to impose a price cap on Russian oil.

Pointing out that the G7 has taken a critical step towards creating downward pressure on global energy prices, Yellen also said: Russia He stated that President Vladimir Putin was deprived of the income he needed to finance the war he started in Ukraine.

Yellen noted that the G7, by committing to set and enforce a ceiling price for Russian oil, significantly reduces the main source of financing for Russia’s illegal war and will ensure that Russian oil continues to be supplied to global energy markets at lower prices.

Emphasizing that energy costs continue to be a source of concern despite the recent decline in energy prices in the USA, Yellen said that energy prices continue to be high globally.

“The price ceiling is one of the most powerful tools we have to combat inflation and protect employees and businesses in the US and around the world from price increases caused by global disruptions,” Yellen said. made its assessment.


Pointing out that the decision taken by the G7 finance ministers will help to deal a major blow to the Russian finances, Yellen said that it will both hinder Russia’s ability to fight for no reason in Ukraine and accelerate the deterioration of the Russian economy.

“We are already starting to see the impact of the price ceiling, with Russia’s attempts to negotiate hastily bilateral oil trade at large discounts. I look forward to working with our G7 allies and new coalition partners as we move quickly to complete the price ceiling over the coming weeks,” Yellen said. used the phrase.

The finance ministers of the G7 countries, consisting of the USA, Germany, England, Canada, France, Italy and Japan, announced that the plan to apply a ceiling price to Russian oil was approved after the meeting held in Germany today.

However, it was noted in the statement that the price ceiling would be determined later “based on a series of technical inputs”.

On the other hand, in a joint statement by the finance ministers of the G7, the call for oil producing countries to increase their production in order to reduce the volatility in the energy markets was repeated.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button