Treasury Secretary Janet Yellen indicated that the United States is in talks with Canada and other allies around the world to cut Moscow’s energy revenues by imposing (price caps) on Russian oil without causing problems. Indirect consequences for low-income countries .

Yellen indicated in a press statement in Toronto, Canada that “we are talking about a price cap or price exclusion that will increase and intensify the recent energy restrictions proposed by Europe, the United States, the UK and others”, explaining that “this is because that Russian oil prices would fall and Moscow’s revenues would shrink, while allowing more oil to enter the world market.”

“We believe price exclusion is also an important way to prevent spillovers on low incomes in developing countries struggling with rising food and energy prices.”

Western countries have imposed unprecedented sanctions against Moscow in response to Russia’s military operation against Ukraine, in particular by reducing imports of Russian oil and gas.