'We take very seriously the sanctions that we have placed on Russia... And violation of those sanctions by local businesses or by governments, we would respond to it quickly and harshly,' says US treasury secretary Janet Yellen
US treasury secretary Janet Yellen said she had discussed economic sanctions against Russia for its invasion of Ukraine in every stop on her Africa tour and was hopeful an agreement on the next Russian oil price cap could be reached soon.
In comments to reporters during a visit to the South African coal-mining province of Mpumalanga, Yellen said the US was “in the middle of discussions with all of our partners,” when asked about a European proposal to set a $100 per barrel price cap on premium Russian oil products such as diesel and a $45 per barrel on discounted products such as fuel oil.
It was early days for a price cap on Russian crude oil that went into effect on December 5, but she believed it was working. Asked whether a strongly-worded comment from the Chinese embassy in Zambia lowered the prospects of reaching agreement with China on accelerating sovereign debt restructurings, Yellen said her views about the constructive nature of recent talks with China had not changed.
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