In this file photo taken on June 07, 2022 US Treasury Secretary Janet Yellen testifies before the Senate Finance Committee on the US President’s proposed budget request for fiscal year 2023, on Capitol Hill in Washington, DC. – The United States is in talks with allies to further restrict Russia’s oil revenues by capping the price it would get for its crude, US Treasury Secretary Janet Yellen said during a visit to Canada on June 20, 2022.
“We are continuing to have productive conversations with our partners and allies around the world on how to further restrict energy revenues to Russia, while preventing spillover effects to the global economy,” Yellen told a news conference. A price cap, she explained, would “prevent spillover effects to low income and developing countries that are struggling with high costs of food and energy.”
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