G7-led price cap on Russian crude oil could save the 17 largest net oil-importing African countries $6bn a year
U.S. Treasury Secretary Janet Yellen. Picture: DENIS BALIBOUSE/REUTERS
Speaking at the start of a three-country visit to Africa, Yellen said some emerging-market countries were saving even more by using the price cap to negotiate steeper discounts with Russia, and Treasury was encouraging others to follow suit. Washington provided about $13bn in emergency aid and food assistance last year and was now setting up a US-Africa strategic partnership to address the short-term food needs of more than 300-million Africans, Yellen said. It is also helping to build more resilient and sustainable systems for the future.
Yellen met earlier with Senegal’s minister of economy, international planning, and co-operation Oulimata Sarr, who like Yellen is also the first woman to serve in her current role.
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