U.S. Treasury Secretary Janet Yellen. File photoWASHINGTON, Jun 20 US Treasury Secretary Janet Yellen made it clear that the price cap mechanism under discussion is designed to expand Russian oil supplies to the world market despite Western sanctions. The minister said the initiative is being actively pursued by the United States and their allies, who are facing record inflation after completely or partially refusing to import energy from the Russian Federation.
"We are talking about a price cap or an exception that will lower the price of Russian oil and limit Putin's income, while allowing more oil to the market,” Yellen said during a visit to Canada.
She added that the mechanism would “expand and intensify energy restrictions recently introduced or proposed in Europe, the US, the UK and other countries.” Yellen explained that the price cap, for example, would allow European companies to continue insuring Russian oil supplies. «You can treat this as an exception to this ban,» the minister said. ecdf79a5e2aff6aede4284cd58fffe41.jpg» />Canada and the United States acknowledged the difficulty of abandoning Russian oil for Europe When asked how soon the new mechanism would be agreed, she replied: «We are working hard on it. Stay prepared. We are working very actively with our partners.»Western countries imposed sanctions against the Russian Federation because of Ukraine. Russian President Vladimir Putin in this regard stated that the policy of containment and weakening of Russia is a long-term strategy of the West, and the sanctions dealt a serious blow to the entire world economy. According to the Russian leader, the United States and the European Union have effectively defaulted on their obligations to Russia, freezing its foreign exchange reserves. country sitting on the oil and gas needle