Yellen Says Secondary Sanctions on Russia Oil Discussed at G-7

  • US Treasury chief says objective is to minimize Russia revenue
  • US has banned Russian oil and EU is moving toward a ban

Treasury Secretary Janet Yellen said officials have discussed secondary sanctions and other ways to limit Russia’s oil revenues while minimizing the impact on energy prices during a meeting of finance ministers from the Group of Seven countries. 

The US has already banned oil imports from Russia, and European Union countries are aiming to do the same thing, gradually over the next year. In the meantime, G-7 officials also discussed the potential of using secondary sanctions to enforce a price cap on Russian oil, Yellen told reporters in Bonn, Germany on Thursday.

Oil Heads for Fourth Weekly Gain on Outlook for Products Demand

Oil headed for a modest weekly gain as optimism about the outlook for demand eclipsed concerns about tighter monetary policy and an economic slowdown that have combined to roil wider financial markets. 

West Texas Intermediate eased below $111 a barrel after ending higher on Thursday, and is up less than 1% so far this week. It’s on course for a fourth consecutive weekly gain that would be the best run since mid-February. 

(Source: Bloomberg )

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