Yellen says she had ‘productive’ meetings on Russian oil price cap

U.S. Treasury Secretary Janet Yellen speaks with South African Finance Minister Enoch Godongwan before their bilateral meeting on the sidelines of the G20 Finance Ministers’ Meeting in Nusa Dua, Bali, Indonesia July 16, 2022. Sonny Tumbelaka/Pool via REUTERS

NUSA DUA, Indonesia, July 16 (Reuters) – U.S. Treasury Secretary Janet Yellen said on Saturday she had productive meetings on a proposed Russian oil price ceiling with a number of countries on the sidelines of a meeting of Group of 20 finance chiefs.

Yellen said her bilateral meetings and the overall G20 sessions in Indonesia focused on the human and economic cost of Russia’s invasion of Ukraine, with the United States and other countries “unequivocally condemning their (Russia’s) shameful actions.”

Russia says it is involved in a “special military operation” in Ukraine.

The US Treasury Department said Yellen met with financial leaders from Saudi Arabia, Australia, South Africa, Turkey and Singapore. She also had dinner with Canadian Finance Minister Chrystia Freeland, a Treasury official said.

“On energy costs, I’ve had productive bilateral meetings with over half a dozen of my colleagues discussing the merits of price caps and how they can help us achieve our goals of denying (Russian President Vladimir) Putin revenue for his war machine, while simultaneously reducing energy costs,” Yellen told reporters outside the meeting venue.

She said the price cap is one of “our most powerful tools to address the high prices that people face in America and around the world.”

Yellen said she also stressed the importance of taking action at the G20 to address the global food security crisis. read more

Yellen met with Saudi Finance Minister Mohammed Al-Jadaan, Australian Treasurer Jim Chalmers, South African Finance Minister Enoch Godongwan, Deputy Prime Minister Lawrence Wong of Singapore and Turkish Finance Minister Nureddin Nebati, the Treasury Department said.

Russia says its action in Ukraine is aimed at rooting out what it considers dangerous nationalists and demilitarizing its neighbor. Ukraine and its Western allies say it is an unfounded pretext for an unprovoked war of aggression. read more

Reporting by Andrea Shalal, editing by Jane Merriman, Mark Potter and Timothy Heritage

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