The Secretary of the Treasury of the United States, Janet Yellensaid this Sunday that Americans could experience a spike in gas prices in the boreal winter, when the European Union significantly reduces the purchase of Russian oil.
He added that a proposed Western price cap on Russian crude exports is being designed to keep prices in check.
“It’s a risk and we’re working on the price cap to try to address it,” Yellen told CNN.
The possible price increase could come about because the EU “will stop buying Russian oil for the most part” and will impose a ban on services that allow Russia to ship oil in tankerssaid.
The price capping plan agreed by the G-7 nations requires participating countries to deny insurance, financing, brokerage, shipping and other services to oil cargoes priced above a yet-to-be-determined price cap for crude oil. and its products.
Yellen said the price cap seeks to reduce revenue that Russia could use to wage war in Ukraine, while maintaining supplies of Russian oil to keep world prices low.
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