Yellen warns of global price spike if no Russian price cap - Breaking The News

Yellen warns of global price spike if no Russian price cap

31 August

1 min read

EPA-EFE/JIM LO SCALZO

United States Treasury Secretary Janet Yellen warned on Wednesday that the world could face a surge in energy prices in case no price cap on Russian energy is introduced.

"Without a price cap we face the threat of a global price spike if the majority of Russian oil production is shuttered," Yellen said during a meeting with her British counterpart Nadhim Zahawi. Meanwhile, the United Kingdom chancellor of the exchequer remained confident a G7 price cap on Russian oil "will deliver" and urged more countries to support the action.

The G7 is set to discuss the Russian price cap on Friday. The White House said introducing a ceiling on the price would be the biggest "blow" to Russian President Vladimir Putin amid Moscow's war in Ukraine.

oil yellen zahawi energy crisis

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