Price cap on Russian oil will benefit China: US Treasury Secretary Janet Yellen

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Russian oil price cap will benefit China (Yellen)

Yellen said China and other buyers of Russian oil will have more leverage to negotiate lower prices.

US Treasury Secretary Janet Yellen.  Photo credit: AFP Photo

China’s purchases of Russian oil are “fully consistent” with Western countries’ plans to keep Russian crude on the world market and Beijing will benefit from the new price cap mechanism to be imposed in December, the Commission said on Monday. US Treasury Secretary Janet Yellen.

Yellen told reporters on the sidelines of the G20 summit in Bali that China and other buyers of Russian oil will have more leverage to negotiate lower prices.

Read | India an indispensable partner of the United States, according to Janet Yellen

“We see the price cap is something that benefits China, India and all buyers of Russian oil,” Yellen said.

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