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Yellen Oil-Cap Plan Would Blunt Russian Reprisals

“Russia’s going to face an insurance and financial services ban. ... Why should they retaliate for an initiative that enables their oil to continue to flow through to world markets at a price that is profitable?”

By Christopher Condon | July 21, 2022 at 04:12 PM
Photo: Janet Yellen, US Treasury secretary, speaks during a joint news conference alongside Chrystia Freeland, Canada's deputy prime minister and finance minister, in Toronto, Ontario, Canada, on Monday, June 20, 2022. Yellen said the US should work on shifting its dependence away from some rival nations for supplies of critical inputs as global supply-chain logjams have hurt the domestic economy. Janet Yellen, US Treasury secretary, speaks during a news conference on June 20, 2022.

U.S. Treasury Secretary Janet Yellen said her plan to limit Russia’s oil earnings can overcome fears among potential partners that President Vladimir Putin may retaliate. “What I heard was concern about retaliation,” Yellen said Monday in an interview en route to Seoul, South Korea, after attending a gathering of Group of 20 (G-20) finance ministers in Bali, Indonesia.

Yellen said she addressed those concerns by pointing to the alternative if the price-cap scheme isn’t put into place.

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