US To Set Oil Price Cap At 'Profitable' Level For Russia To Produce - Yellen

WASHINGTON (Pakistan Point News / Sputnik - 13th July, 2022) The United States is likely to set a price cap for Russian oil that will make it profitable for Russia to continue producing oil, Treasury Secretary Janet Yellen told The Wall Street Journal in an interview.

"We would expect to set the price cap at a level that would clearly be profitable for Russia to continue to produce," Yellen said in the interview held in Tokyo. She said this in relation to reports that Russia may simply stop producing oil as a result of the price cap.

Earlier, Yellen said she had discussed the proposed Russian oil price cap with Chinese Vice Premier Liu He during a virtual meeting with him.