TELETRADER News
12/3/2022, 12:49 AM
(Source: TeleTrader)
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G7, EU, Australia agree Russian oil price cap - US
United States Treasury Secretary Janet Yellen confirmed that the Group of Seven, European Union and Australia have "jointly set a cap on the price of seaborne Russian oil."
The move is expected to damage Russia's main source of profits while, at the same time, helping the global market remain stably supplied, she said in a statement.
The upper price limit will also enable low- and medium-income countries "to bargain for steeper discounts on Russian oil and benefit from greater stability in global energy markets," Yellen claimed.