Categories: U.S. Treasury

Statement by Secretary Yellen on G7 Price Cap Announcement

WASHINGTON – The G7 leaders’ pursuit of a limit on the price of Russian oil represents a significant step in advancing our twin goals of sharply reducing Russian revenue and stabilizing global energy prices. Following the leaders’ direction today, the Treasury Department will work expeditiously with our counterparts in G7 countries, and other global allies and partners, to advance this effort. 

Our united response to Putin’s war of aggression has already imposed historic costs on Russia’s economy and has made it harder for it to wage war against Ukraine. By working together to limit the price of Russian oil, we will further strengthen the existing sanctions imposed by the G-7 and our partners to make sure that Putin will not be able to profit from the higher global energy costs that have resulted from his invasion.

It is the top economic priority of the Biden Administration to lower energy prices for American business and consumers – and energy prices are a primary driver of today’s inflation. Limiting the cost of Russian oil will put downward pressure on global energy prices in a way that dampens the impact of Putin’s war on the U.S. economy.
 

IR Press

Share
Published by
IR Press

Recent Posts

Treasury Issues Final Rule Expanding CFIUS Coverage of Real Estate Transactions Around More Than 60 Military Installations

WASHINGTON – Today, the U.S. Department of the Treasury (Treasury), as Chair of the Committee…

4 days ago

U.S. Department of the Treasury’s CDFI Fund and Federal Housing Finance Agency Collaborate to Bolster CDFI Access to Capital

WASHINGTON—Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) and…

4 days ago

Report on U.S. Portfolio Holdings of Foreign Securities at Year-End 2023

Washington – The findings from the annual survey of U.S. portfolio holdings of foreign securities…

5 days ago

READOUT: U.S. Department of the Treasury Hosts Roundtable Discussion on the Financial Sector’s Response to Recent Hurricanes

WASHINGTON – The U.S. Department of the Treasury hosted a roundtable on October 30 with…

5 days ago

READOUT: Sixth Meeting of the Financial Working Group Between the United States and the People’s Republic of China

WASHINGTON – The United States and the People’s Republic of China held the sixth meeting…

5 days ago

Treasury Sanctions Key Members of La Linea, a Group Involved in Trafficking Fentanyl into the United States

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned…

5 days ago