U.S. Treasury Secretary Janet Yellen told The Wall Street Journal Wednesday that she discussed the possibility of placing a cap on the price of Russian oil during a virtual meeting last week with Chinese Vice Premier Liu He , in one of the first signs of U.S. efforts to pitch China on a plan to limit Russia's revenue from oil sales.
"They listened and were prepared to have further discussions with us about it," Yellen told WSJ .
Yellen is due to meet Indian Finance Minister Nirmala Sitharaman later this week; China and India continue to purchase large amounts of Russian oil and have refrained from joining Western efforts to sanction Russia after its invasion of Ukraine.
Yellen said Russia had in the past based its budget on an oil price at ~$40/bbl, although that price is not necessarily the number allies would settle on.
Some observers have questioned whether Russia would continue to sell oil at a capped price set by the U.S. and its allies, but Yellen said that "doesn't really make a lot of sense as a Russian response."
ETFs: ( NYSEARCA: USO ), ( UCO ), ( SCO ), ( USL ), ( DBO ), ( USOI ), ( NRGU ), ( OILK ), ( OLEM )
Recent reports have pointed to a potential cap of $40-$60/bbl on the price of Russian oil .
For further details see:
Yellen discussed Russian oil price cap with Chinese vice premier - WSJ