US Estimates Russian Oil Price Cap May Save $6Bln Annually For Africa’s Major Importers
US Estimates Russian Oil Price Cap May Save $6Bln Annually For Africa’s Major Importers
The United States expects that the implementation of the price cap on Russian oil will allow Africa’s largest oil-importing countries to save up to $6 billion annually, Secretary of the Treasury Janet Yellen said on Friday
WASHINGTON (UrduPoint News / Sputnik – 20th January, 2023) The United States expects that the implementation of the price cap on Russian oil will allow Africa’s largest oil-importing countries to save up to $6 billion annually, Secretary of the Treasury Janet Yellen said on Friday.
“While the policy is in the early stages of implementation, Treasury estimates that it has the potential to result in around $6 billion in annual savings for the 17 largest net oil-importing African countries,” Yellen said during her visit to Senegal.
She claimed to be seeing examples of emerging markets saving even more by using the price cap to negotiate steeper discounts with Russia.
The United States encourages more countries to do the same, Yellen added.
The US and its partners will soon impose a price cap on Russian refined products as well, Yellen said.
The G7 implemented a $60 per barrel cap in December, with plans to periodically reevaluate the price cap to keep it below market price. The multilateral price cap is intended to reduce Russia’s revenues from energy exports.
#modernbusinessamerica #modernbusinessnetwork #modernglobalnews #america #business #news #article #economy #startup # money #health #market #stock