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Chinese Commerce Ministry: Russia Oil Price Cap Issue Complicated

US-CHINA

Following virtual talks yesterday between US Treasury Secretary Janet Yellen and Chinese Vice-Premier Liu He, the Chinese Commerce Ministry stated that the two exchanged views on calls for a cap on Russian oil prices to be imposed internationally.

  • Commerce Ministry says that the issue is 'complicated', and that the precondition to solve the problem is to promote peace talks between Russia and Ukraine.
  • Comes after the US State Dep't called for both China and India, two major importers of Russian oil, to join in with a western-led cap on Russian crude prices.
  • Speaking to the WSJ yesterday, Yellen sounded more sanguine on the prospect of China signing up, stating that “They listened and were prepared to have further discussions with us about it".
  • Despite Yellen's positive words, among observers there is seen as little-to-no prospect of China signing up to any agreement on capping the price of Russian oil, or at least not to a deal that would not be circumventable.
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