US working with G7 to limit price of Russian oil: Treasury head

The US is working with G7 countries to limit the price of Russian oil, Treasury Secretary Janet Yellen said Tuesday.

"The G7 leaders’ pursuit of a limit on the price of Russian oil represents a significant step in advancing our twin goals of sharply reducing Russian revenue and stabilizing global energy prices," Yellen said in a statement. "Following the leaders’ direction today, the Treasury Department will work expeditiously with our counterparts in G7 countries, and other global allies and partners, to advance this effort.”

Yellen said sanctions imposed by the US and its allies on the Russian economy have made it harder for Moscow in its war against Ukraine and putting a limit on the price of Russian oil will further strengthen the sanctions and prevent Russia from profiting from higher energy prices.

"It is the top economic priority of the Biden Administration to lower energy prices for American business and consumers – and energy prices are a primary driver of today’s inflation," she said.

"Limiting the cost of Russian oil will put downward pressure on global energy prices in a way that dampens the impact of (Russian President Vladimir) Putin’s war on the US economy," she added.