US to continue efforts to impair Russian oil revenues — Treasury Secretary

WASHINGTON:  The US will continue efforts to impair Russian oil revenues, US Treasury Secretary Janet Yellen said. "There are a number ...

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WASHINGTON:  The US will continue efforts to impair Russian oil revenues, US Treasury Secretary Janet Yellen said.

"There are a number of possibilities here. We don't preview sanctions, but we're always looking at oil revenues and if we can find ways to further impair Russian oil revenues, that would, I think, strengthen Ukraine's hand. That remains on our list," she said in an interview with Reuters.

Washington and its allies also could consider lowering the oil price cap on Russian oil, Yellen added.

On December 5, 2022, the EU embargo on seaborne oil supplies from Russia came into effect. The G7 countries, the European Union, and Australia implemented a price cap on Russian seaborne oil at $60 per barrel for their affiliated ships and territories. From February 5, 2023, similar restrictions were applied to petroleum products from Russia, with a maximum price set at $100 and $45 per barrel, depending on the product category.

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