Talks with India to cap Russian oil prices ‘encouraging’: US Treasury Secretary

US Treasury Secretary Janet Yellen called “encouraging” talks with India on a proposed price cap on Russian oil. Washington is promoting a plan to drive down oil prices and make it harder for Moscow to finance a war against Ukraine.

“The conversations I’ve had have been encouraging overall,” Yellen said.

India made no promises to cap oil prices, she said, but worked with the United States and “has shown no hostility to the idea.”

Yellen told reporters on Saturday that she had productive bilateral meetings over the proposed price cap with more than six colleagues on the sidelines of a meeting of G-20 financial officials on the Indonesian island of Bali.

The Treasury Department said she met with officials from Saudi Arabia, Australia, South Africa, Turkey and Singapore there.

Recall that earlier Japanese Prime Minister Fumio Kishida said that the maximum price for Russian oil after the introduction of compulsory restrictions by the G7 countries will be no more than half of the current purchase price.

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