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Yellen Says Secondary Sanctions on Russia Oil Discussed at G-7

  • US Treasury chief says objective is to minimize Russia revenue
  • US has banned Russian oil and EU is moving toward a ban
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G-7 Convenes With Russia, Global Economy Topping Agenda

Treasury Secretary Janet Yellen said officials have discussed secondary sanctions and other ways to limit Russia’s oil revenues while minimizing the impact on energy prices during a meeting of finance ministers from the Group of Seven countries. 

The US has already banned oil imports from Russia, and European Union countries are aiming to do the same thing, gradually over the next year. In the meantime, G-7 officials also discussed the potential of using secondary sanctions to enforce a price cap on Russian oil, Yellen told reporters in Bonn, Germany on Thursday.