Yellen Says Russian Oil Escrow Account Is an Idea ‘Worth Exploring’

Treasury Secretary Janet Yellen said that creating an escrow account for proceeds from Russian oil and gas sales was a possibility as the U.S. and its allies seek ways to tighten sanctions on Russia for its invasion of Ukraine.

“It’s an approach that is worth exploring,” Yellen told Republican Representative Andy Barr of Kentucky during a hearing in Congress. “We have a way for Russia to sell oil and gain proceeds in the form of a general license. But the license is temporary; it will expire. We need probably a better mechanism. It is a constructive suggestion that we could work with you on.”