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Yellen Talks Oil Price Cap  To Hit Russia After Canada Meeting

POLITICAL RISK
(MNI) Ottawa
  • US Treasury Secretary Janet Yellen says Monday there are discussions about oil price caps as a way to further sanction Russia, says this may also need to be balanced against protecting the global economy
  • Yellen spoke after meetings with Canada Finance Minister Chrystia Freeland in Toronto, where they discussed "friend-shoring" and signaled need to reduce reliance on geopolitically different nations like China and Russia for key supplies like rare minerals used in some electronics
  • Both called elevated inflation a global trend and said central banks are taking the lead in slowing it down again; also said some fiscal restraint could be helpful
  • Freeland said Canada's working hard to boost oil & gas output in the near term, but long-term this must align with climate-change goals
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  • US Treasury Secretary Janet Yellen says Monday there are discussions about oil price caps as a way to further sanction Russia, says this may also need to be balanced against protecting the global economy
  • Yellen spoke after meetings with Canada Finance Minister Chrystia Freeland in Toronto, where they discussed "friend-shoring" and signaled need to reduce reliance on geopolitically different nations like China and Russia for key supplies like rare minerals used in some electronics
  • Both called elevated inflation a global trend and said central banks are taking the lead in slowing it down again; also said some fiscal restraint could be helpful
  • Freeland said Canada's working hard to boost oil & gas output in the near term, but long-term this must align with climate-change goals