Treasury Secretary Janet Yellen said Friday that the G7's new plan to cap the price of Russian oil will serve as a 'powerful tool' to fight inflation.
is celebrating a new plan she and the other finance ministers from the Group of Seven wealthy nations agreed to on Friday that will put price caps on Russian oil as a way to cut the Kremlin's revenue without hurting global supplies.
Senior Treasury Department officials said on a background call regarding the move that there will be three price caps set for Russian petroleum products: One for crude, and two for refined products. G7 Finance ministers and central bankers from the Group of Seven industrialized nations pose for a group photo on May 19, 2022 at the Petersberg in Koenigswinter near Bonn, western Germany.
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