US Treasury warns of risk of high winter oil prices hit by sanctions

US Treasury Secretary Janet Yellen warned of rising oil prices this winter as a result of sanctions against Russia, despite expressing confidence in the “effectiveness of price caps,” which she warns against Russian repercussions.

In an interview with CNN, she added: “There are a number of risks, and to counter them, we are working to establish a price cap.”

She pointed out that the European Union stopped buying most of Russian oil in the winter and prohibits the provision of services related to its transportation by sea, and “there is a possibility that this will lead to an increase in oil prices.”

Source: RIA Novosti

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