Wednesday, July 24, 2024 | 18:42 WIB

Yellen warns global oil price will skyrocket if effort to limit price of Russian oil fails

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US Treasury Secretary Janet Yellen
US Treasury Secretary Janet Yellen. (Source: Kazu)

Yellen said Russian oil price curbs would also reduce inflation in oil-consuming nations which are struggling with rising oil prices. Yellen said in order for the plan to work, many countries must agree to buy Russian oil prices below the market price.

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The European Union has taken steps to ban nearly all Russian oil by the end of this year. This policy also includes banning provision of insurance or financing to Russian seaborne oil. Britain and other G7 countries agreed last June to set a cap on Russian oil prices. They are trying to get support from other countries to join a buyers’ cartel to curb Russia’s ability to finance its war in Ukraine. (un)

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