US Treasury Secretary: Restrictions on Russian Crude Oil Can Be Expanded to Refined Petroleum Products

Dakar, January 22 (QNA) – US Treasury Secretary Janet Yellen expressed confidence that restrictions imposed on Russian sales of crude oil can be expanded to include refined petroleum products in February.

In a statement during a visit to Senegal, Yellen said: “Weve studied these markets very carefully and believe were going to come out with a set of caps that will achieve the same things that weve achieved with crude so far.” However, she admitted that part of the plan would be more challenging. “Its a more complicated set of markets with a range of different refined products that sell at different prices,” she said.

Yellen said that while the crude cap hasnt been in place for long, it appeared to be working, adding that the price that Russia is getting for crude has moved down.

G7 governments and the European Union in December set a limit of $60 a barrel on the price that shippers can pay for Russian oil. It was imposed at the same time the EU banned its countries from most Russian oil imports.

The restrictions have depressed Russias revenue. Russia has been forced to direct its sales to a smaller, more distant group of buyers, mainly in India and China. Russias Urals oil is trading far below international prices and the $60 per barrel cap. (QNA)

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