Skip to content

Yellen Presses Europeans on Price-Cap Proposal for Russia’s Oil

  • Spoke to Cyprus minister on depriving ‘Kremlin of revenue’
  • Treasury chief seeking to maintain supply, cut Russia revenue
Video player cover image
G-7 Leaders to Discuss Cap on Russian Oil Prices
Updated on

Treasury Secretary Janet Yellen is pressing European counterparts to embrace measures designed to enforce a price cap on Russian oil, a move that US officials hope would maintain global crude oil supplies while at the same time limiting Moscow’s revenue.

Yellen spoke Monday with Constantinos Petrides, the finance minister of Cyprus, a major maritime player that serves as Europe’s largest ship-management center. The two “spoke about the goal of placing a price limit on Russian oil to deprive the Kremlin of revenue to finance their war in Ukraine while mitigating spillover effects for the global economy,” the Treasury said in a statement.