US treasury secretary says Putin regime has no place at Bali forum
Treasury secretary Janet Yellen says Russian officials have “no place” at coming meetings for finance chiefs from the world’s leading economies in Bali, Indonesia.
Yellen continued to talk up a plan to cap the price of Russian oil exports, saying she hoped India and China will see how it would serve their interests. But she said the proposal would work without those two countries through a ban imposed by the US, UK and EU on insurance of tankers carrying Russian oil.
“From Russia’s point of view, a price exception to a policy that would otherwise be yet harsher on Russia is something they should be willing to go along with,” Yellen said. Yellen presented the cap plan as a way to fight inflation in the US, where government data released on Wednesday showed consumer prices rose 9.1% in the year through June. Energy-related price growth, which she linked to Russia’s invasion of Ukraine, was responsible for almost half of the US inflation surge, she said.
Yellen argued that officials from the Group of 20 should step up pressure on China on debt issues, including working to restructure debt for poorer countries such as Sri Lanka.
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