Yellen defends Russian oil price cap in wake of OPEC+ retaliation

Yellen says Russian oil cap will benefit low- and middle-income countries

Yellen defends Russian oil price cap in wake of OPEC+ retaliation Janet-yellen

Treasury Secretary Janet Yellen touted efforts by the U.S. and Europe to implement a price cap on Russian oil and choke off a massive amount of revenue for Moscow, despite retaliatory production cuts from OPEC+ this week.

Speaking at the Center for Global Development think tank on Thursday, Yellen said the price ceiling on Russian oil – which will impose a ban on transporting it by sea to other countries above the limit – is designed to keep the oil flowing into global markets at lower prices, "particularly benefiting low- and middle-income countries."

European Union countries on Wednesday agreed to impose the price cap, which the Group of Seven wealthy nations want in place by December 5, in order to penalize Russia for the war in Ukraine. Yellen has been a major advocate for the price cap, with the Treasury trying to onboard as many nations as possible to join the buyers' cartel.

Treasury officials previously argued the price limit will reduce the revenue the Kremlin generates from oil by tens of billions of dollars annually and will also discourage production.

Yellen said on Thursday she anticipates the cap will "cut into the revenue that [Russian President Vladimir Putin] is using to fund his illegal war. These efforts must continue."

Her comments come just one day after a coalition of oil-producing countries led by Russia and Saudi Arabia – known as OPEC+ – announced it will slash oil production by 2 million barrels, the first major cut in two years. The move threatens to raise oil prices at a time when the world is already combating record-high inflation.

The White House condemned the production cuts, which threaten to push gas prices higher with midterm elections just one month away.

.https://www.foxbusiness.com/economy/yellen-defends-russian-oil-price-cap-wake-opec-retaliation

Yellen defends Russian oil price cap in wake of OPEC+ retaliation

Yellen says Russian oil cap will benefit low- and middle-income countries

Yellen defends Russian oil price cap in wake of OPEC+ retaliation

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