On the eve of the Treasury Secretary’s meeting in Bali, Indonesia, Treasury Secretary Janet Yellen continued to push Russia’s oil price caps on energy and food prices.
Yellen Press conference Imposing price restrictions on Russian oil on Thursday will not only reduce President Vladimir Putin’s ability to continue a brutal war in Ukraine and shrink the Russian economy, but also lower global oil prices. I said I would.
With the cap, Russia can still export oil at a profitable price and maintain access to markets that limit Russia’s energy imports as part of sanctions against Moscow, she said. rice field. At the same time, consumers around the world, including India and China, who are buying more Russian crude, will have some relief in petrol pumps and grocery stores.
Russia still earns significant income from oil, and rising prices make up for the decline in production. The idea of a cap is to limit the amount that Russia can make while maintaining a sufficient supply to the market.
“We are proposing an exception that allows Russia to export unless the price exceeds a determined level,” Yellen said. She said the policy is “what they should be willing to do,” given that more Russian oil will be “contained” if Russia disagrees with the cap.
Yellen blamed Russia’s invasion of Ukraine “has a negative impact on every corner of the world,” noting the deterioration of the world economy.
The latest evidence of that worsening outlook came Thursday morning Corrected forecast The European Commission predicts that the effects of the Ukrainian War will reduce the European Union’s economic growth rate from 2.7% this year to 1.5% next year. The EU’s average annual inflation rate is expected to reach a record high of 8.3% this year, up from the 6.8% forecast just a few months ago.
Mr Yellen said Russia “has no place” at a group meeting of 20 countries because of its disdain for international law.
Russia has so far received a frosty welcome from some participants at its recent G20 meeting. US Secretary of State Antony J. Blinken, along with several other Western ministers, refused to meet Russian Foreign Minister Sergey V. Lavrov in Bali last week. Mr Lavrov ended the session when Russia was criticized for the war in Ukraine. Russia’s Finance Minister Anton Siluanov will effectively speak at the upcoming Treasury Summit.
“It’s hard to see how war contributes to rising energy costs, food insecurity and hunger for the world’s most vulnerable people,” Yellen said at a news conference.
She called on China and other countries to rebuild debt repayments for the struggling economy. She added that the United States has promised the International Monetary Fund $ 70 million for interest-free lending to the world’s poorest countries.
