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Yellen Set to Target Russian Oil Cap Evasion

OIL

US treasury Secretary Janet Yellen said the US is preparing to crack down on the G7 $60/bbl price cap evasion on Russian oil in a WSJ interview earlier - though comments with the news outlet were limited.

  • Yellen said the US is “looking at enforcement very carefully and we want to make sure that market participants are aware we take this price cap seriously, and, to the extent Western services are used, we mean business about abiding by the cap.”
  • It is not clear what options G7 nations to try and increase enforcement levels with $60/bbl oil.
  • Yellen had originally said the cap was limiting Moscow’s revenues but has more recently admitted its effectiveness is waning.
Energy BulletsCommodities
Energy BulletsCommodities

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