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Price cap to protect consumers from supply disruptions — US Treasury Secretary

The price cap will encourage the flow of discounted Russian oil onto global markets, Janet Yellen said

WASHINGTON, December 3. /TASS/. The price cap on Russian oil of $60 per barrel will protect consumers from disruptions in fuel deliveries, US Secretary of the Treasury Janet Yellen said in a statement on Saturday.

"The price cap will encourage the flow of discounted Russian oil onto global markets and is designed to help protect consumers and businesses from global supply disruptions," she said.

In her opinion, the price cap will particularly benefit low-and medium-income countries "who have already borne the brunt of elevated energy and food prices." Besides, she continued, the price cap would "enable them to bargain for steeper discounts on Russian oil and benefit from greater stability in global energy markets."

Also, the US secretary of the Treasury believes that the move would limit the incomes that Russia is receiving from its "most important source of revenue."

Members of the Group of Seven (G7) and Australia said in a joint statement on Saturday they had agreed to set the price cap on Russian oil at the level of $60 per barrel. The decision is to enter into force "on 5 December 2022 or very soon thereafter.".

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