Yellen warns of failure to agree on Russia oil price cap

By FATIMA HUSSEIN
Associated Press

WASHINGTON (AP) — Treasury Secretary Janet Yellen is warning that a failure to place a price cap on Russian oil would hurt the global economy. She says without a price cap, “we face the threat of a global energy price spike if the majority of Russian energy production gets shut in.” She spoke at the start of a Wednesday afternoon meeting with her British counterpart, Nadhim Zahawi. The European Union has decided to ban nearly all oil from Russia by the end of the year. It also will ban insuring and financing the maritime transport of Russian oil to other countries. Unless a price cap is implemented, prices will almost certainly spike.