Finance

Yellen says she had ‘productive’ conferences on Russian oil value cap

Janet Yellen, U.S. Secretary of Treasury speaks with South Africa’s Finance Minister Enoch Godongwana earlier than their bilateral assembly on the sidelines of the G20 Finance Ministers Assembly in Nusa Dua, Bali, Indonesia July 16, 2022. Sonny Tumbelaka/Pool by way of REUTERS

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NUSA DUA, Indonesia, July 16 (Reuters) – U.S. Treasury Secretary Janet Yellen mentioned on Saturday she had productive conferences a couple of proposed value cap on Russian oil with a bunch of nations on the sidelines of a gathering of the finance chiefs of the Group of 20 main economies.

Yellen mentioned her bilateral conferences and the general G20 periods in Indonesia centered on the human and financial price of Russia’s invasion of Ukraine, with the US and different nations “unequivocal in condemning their (Russia’s) shameful actions.”

Russia says it’s engaged in a “particular navy operation” in Ukraine.

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The U.S. Treasury Division mentioned Yellen met finance leaders from Saudi Arabia, Australia, South Africa, Turkey, and Singapore. She additionally had dinner with Canadian Finance Minister Chrystia Freeland, a Treasury official mentioned.

“On vitality prices, I had productive bilateral conferences with over a half-dozen of my counterparts the place we mentioned the deserves of a value cap and the way it will help us obtain our objectives of denying (Russian President Vladimir) Putin income for his warfare machine, whereas dampening vitality prices,” Yellen informed reporters exterior the assembly venue.

She mentioned a value cap was considered one of “our strongest instruments to deal with the excessive costs persons are going through in America and all over the world.”

Yellen mentioned she additionally underscored the significance of taking motion on the G20 to deal with the worldwide meals safety disaster. learn extra

Yellen met Saudi Finance Minister Mohammed Al-Jadaan, Australian Treasurer Jim Chalmers, South African Finance Minister Enoch Godongwana, Deputy Prime Minister Lawrence Wong of Singapore and Turkish Finance Minister Nureddin Nebati, the Treasury mentioned.

Russia’s says its motion in Ukraine are meant to root out what it regards as harmful nationalists and demilitarise its neighbour. Ukraine and its Western allies say that may be a baseless pretext for an unprovoked warfare of aggression. learn extra

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Reporting by Andrea Shalal, Enhancing by Jane Merriman, Mark Potter and Timothy Heritage

Our Requirements: The Thomson Reuters Belief Ideas.

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