Yellen to push price cap on Russian oil during Asia visit

By AP News

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WASHINGTON (AP) — Treasury Secretary Janet Yellen this month will visit the Indo-Pacific for the time since taking over the department and will use the trip to make the U.S. case for a price cap on Russian oil aimed at reducing revenue to the Kremlin.

WASHINGTON (AP) — Treasury Secretary Janet Yellen this month will visit the Indo-Pacific for the time since taking over the department and will use the trip to make the U.S. case for a price cap on Russian oil aimed at reducing revenue to the Kremlin.

Yellen will address the economic and humanitarian challenges wrought by Russia's war in Ukraine as she represents the U.S. at Group of 20 finance minister meetings on Indonesia’s resort island of Bali and makes additional stops in Tokyo and Seoul, South Korea. During the July 12-19 trip, Yellen will notably avoid visiting China, although she did hold a call with China’s vice premier on Monday.

Yellen has been a critic of China’s economic relationship with Russia — urging China to use its “ special relationship with Russia” to persuade Russia to end the war in Ukraine.

Unlike the Group of Seven finance leader meetings in April, the G-20 will involve participant countries that are not united in taking action in opposition to the war in Ukraine. China, India, South Africa and Brazil have largely resisted signing on to efforts by the U.S. and its allies to punish Russia for its invasion. Russia is expected to participate as well.

Yellen will also tour an LG factory in South Korea and deliver a speech about the importance of strong international partnerships in building supply chains. LG in April announced plans to build a $1.4 billion battery plant in Queen Creek, Arizona.

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Author: AP News

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Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

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