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Treasury Says Russian Oil Price Cap Key to Avoid New Cost Shock

  • Insurance ban without a price exception would trigger a spike
  • Yellen seeking support for the proposal during Asia tour

A senior US Treasury official said a proposal being explored by several of the world’s leading economies to cap the price of Russian oil exports will be crucial for preventing another global price spike to around $140 a barrel.

The official spoke to reporters in Tokyo where US Treasury Secretary Janet Yellen has begun a 10-day trip to Asia. She’ll also visit South Korea and will attend a gathering of finance ministers from Group of Twenty countries in Bali July 15-16.