A senior US Treasury official said on Tuesday that “if the proposal to limit the price of Russian oil is not implemented, with an exemption for purchases below the limit, the price of oil could rise to around $140/barrel“.
Additional comments
US Treasury Secretary, Janet Yellenwill discuss the implementation of the proposed oil price cap with the Japanese Finance Minister, Shunichi Suzukiwhen they meet on Tuesday.
Yellen will discuss the proposal to limit the price of Russian oil with Suzuki, the goal is minimize the negative impact on Japan and other countries, while cutting revenue from Russia.
Japan has expressed its concern about the proposal to limit the price to a level that is too lowbut has not rejected the range of $40 to $60 per barrel.
Yellen will tell the Japanese finance minister that The US remains very strong despite inflation and falling GDP in the first quarter.
Source: Fx Street
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