No decisions have been made yet on a dollar level for a price cap on Russian oil, U.S. Treasury Secretary Janet Yellen told reporters on Friday. Speaking at a news conference as part of this year’s meetings of the IMF and the World Bank, Yellen said a price cap “will help stabilize global energy prices,” and give developing countries leverage to negotiate better prices for Russian oil. As the Wall Street Journal reports, the Group of Seven countries, along with Australia, are working to put into place a plan ahead of a Dec. 5 deadline that would bar the use of financing, insuring and shipping services for Russian oil unless the oil is sold below a set price limit.
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