U.S. Treasury Secretary Janet Yellen speaks to reporters during a news conference in the Cash Room at the Treasury Department on April 21, 2022 in Washington, DC.
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US Treasury officials plan to push ahead at IMF meetings this week with a cap on Russian oil prices, despite Wednesday’s OPEC+ decision cut oil production That has driven gas prices higher.
Minister of the Treasury Janet Yellen and Deputy Treasury Secretary Wally Adeyemo will discuss the limit with other world finance ministers at the IMF and World Bank annual meetings Monday through Sunday in Washington, DC.
OPEC+, the international governing body of oil-exporting countries with Russia among its expanded members, has announced a expected to cut production by 2 million barrels every day last week, a move by the Biden administration reported as attempting to block in the face of rising fuel costs.
But the cuts are unrelated to the G-7’s strategy to deny Russia a significant source of income to continue to fund the war in Ukraine by capping the country’s oil prices, a Treasury official said. senior told reporters on Monday.
“We’ve been working on a price cap for a number of months. We’re continuing to move forward with our alliance in designing and perfecting that, and that should happen in any case,” the official said. this said.
G-7 finance ministers announced hat price last month.
The higher gas prices from the OPEC+ decision will be “particularly felt by low- and middle-income countries, which are bearing the brunt of the rise in energy prices,” the official said. Global”.
Adeyemo will be scheduled on Friday to inform member countries about the impact of their sanctions on Russia’s military supply chains. The deputy finance minister will also consult senior officials from more than 20 participating countries, including Canada, the UK and the EU, on how to double down on those efforts, according to Treasury officials. senior administration.
Yellen plans to call for more restrictive alliances President of Russia Vladimir Putinaccess the capital and military equipment needed to continue the war in Ukraine.
After Russia conducts coordinated missile strikes Across Ukraine on Monday, India and China, which have refrained from outright condemnation of Russia’s invasion, called for a peaceful resolution of the crisis. Each country seeks to distance itself from Putin even as they continue to support Russia by buying its oil.
