Yellen: US in talks with its allies over a ceiling on Russian oil prices

LAST UPDATE: 21.17

The United States is in talks with Canada and other allies to further reduce Moscow’s energy revenues without affecting lower-income countries, US Treasury Secretary Janet Yellen said Monday.

“We are talking about a price cap or price cut, (measures) that would strengthen the recent and proposed energy restrictions from Europe, the United States, the United Kingdom and others, reduce the price of Russian oil and reduce its revenues ( “At the same time allowing larger quantities of oil to be sold on the world market,” Yellen told reporters in Toronto.

“We believe that a price cut is also an important way to prevent the secondary impact on (lower-income) households in developing countries that are struggling to cope with high food and energy costs,” added Treasury Secretary Janet Plain Yellen. of her Canadian counterpart Christia Freeland.

Glenn also said that once countries start imposing a minimum global tax on multinational corporations, other countries with lower corporate tax rates will have to follow suit or risk losing revenue.

“Once some countries choose (this minimum corporate tax) and activate it, there will be more and more countries that will see it in their best interest to implement it,” Yellen said.

Some 136 countries agreed in a global agreement in October 2021 to ensure that large companies would pay a minimum tax of 15% to make it more difficult for them to avoid taxation.

However, this tax has not yet been imposed in any country.

SOURCE: AMPE