The U.S. Treasury proposes to limit the price of Russian oil to $60 per barrel

Oleg Panfilovych

The U.S. Treasury Secretary Janet Yellen suggested that the price of Russian oil can be limited to $60 per barrel.

This is reported by Reuters.

During the meeting of the International Monetary Fund and the World Bank, Yellen said that during the last 5-7 years, Russia was ready to produce and sell oil at a price in the range of $60. According to the head of the U.S. Treasury, such a price is sufficient to limit Russiaʼs profits, and at the same time allows to maintain the profitability of mining.

Yellen added that the United States and its Western allies are still discussing the price cap. Deputy Minister Wally Adeyemo told a conference in New York that Russia was trying to secure contracts at prices well below Brent, a sign that the price cap talks are having some effect.

  • On October 6, the European Union approved the eighth package of sanctions against Russia. It contains a ban on the import of Russian products worth €7 billion and a cap on oil prices. The EU also extended sanctions against individuals and Russian companies involved in illegal "referendums" on the territory of Ukraine.
  • At the beginning of September, the USA announced that the G7 countries would set a price limit for Russian oil by December 5. Countries want to see it at the level of $40-60 per barrel, which will seriously affect Russian revenues.