Yellen Says Insurance Ban on Tankers Could Lock In Russian Oil
- Treasury chief asked about moves to cut revenues to Russia
- Yellen says buyers’ bloc for Russia oil would need to be big
Janet Yellen
Photographer: Sarah Silbiger/BloombergThis article is for subscribers only.
US Treasury Secretary Janet Yellen said a plan to ban European and UK firms from insuring tanker shipments of Russian oil could help limit Moscow’s energy revenues as allied countries seek to curb revenues flowing to Moscow.
The US has already outlawed imports of Russian oil and the European Union has agreed to prohibit seaborne imports of Russian crude in six months. On top of that, the bloc has worked toward coordinating with some Group of Seven members on a ban on the insurance services needed to ship Russian oil anywhere in the world.