Washington warns of high oil prices if Russian oil pricing plans fail

US Treasury Secretary Janet Yellen has suggested that oil prices will rise significantly if Washington and its allies’ plan to cap Russian oil prices fails.

During the press conference, Yellen expressed her hope that India and China will support the US initiative to set prices for Russian energy resources.

It was considered that China and India would be affected by the ban on insurance and financial services for export deliveries, which should be provided by the European Union, Great Britain and the United States.

“Without a price cap or exceptions to this ban, it is likely that we will see a significant increase in world prices,” she said, noting that such a ban would lead to a “significant reduction in Russian oil” from the world market. .

Earlier, the Russian Foreign Ministry warned that plans to set a price ceiling for Russian oil could lead to an increase in its prices.

Source: RIA Novosti

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