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US proposes oil price cap as sanction against Russia

US Treasury Secretary Janet Yellen is bringing up a price cap of around $60 for Russian oil in the event of possible sanctions against Russia.

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US proposes oil price cap as sanction against Russia

US Treasury Secretary Janet Yellen is bringing up a price cap of around $60 for Russian oil in the event of possible sanctions against Russia. Russia has put oil on the market at around $60 over the past five to seven years, Yellen said on Wednesday. "So a price in that range would mean that Russia can profitably produce and sell oil."

Among other things, the USA wants to lower the oil price in order to deprive Russia of oil revenues because of the war against Ukraine.

The bar for imposing such sanctions “is set very, very high. We would only take such serious action if a broad coalition of countries loudly supported it,” Yellen said.

But the goal is also to protect the world from the consequences of a global rise in oil prices. Russian Ural crude was last trading at around $75 a barrel.

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