Reuters reporting on remarks from
U.S. Deputy Treasury Secretary on Russian oil:
- EU wants insurance ban by December so our goal is that as that ban goes into place, we are in a position where a global price cap can be joined to that
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These moves against Russian oil are going to backfire, big time:
- The White House appears to believe that capping Russian oil prices will lower the cost of global energy but doesn't account for the potential of lost barrels. Yellen -- shockingly -- also shrugged off the potential for retaliation, which is something that G20 finance ministers stressed to her.
