Janet Yellen Says It’s in Russia’s Interest to Go Along With an Oil Price Cap
On the eve of a meeting of finance chiefs from the world’s major economies in Bali, Indonesia, Treasury Secretary Janet Yellen continued to push for a price cap on Russian oil, calling it “one of our most powerful tools” to alleviate the painful leaps in energy and food prices.

Ms. Yellen said at a news conference on Thursday that imposing a price limit on Russian oil would not only reduce President Vladimir V. Putin’s ability to continue waging a brutal war in Ukraine and shrink the Russian economy but also lower global oil prices.

Russia could still export oil at a profitable price if there was a cap, she said, and maintain access to markets that have restricted imports of Russian energy as part of sanctions against Moscow. At the same time, consumers around the world, including in India and China, which have been buying more Russian crude, would get some relief at the gas pump and grocery store.