“Without a price cap, we face the threat of a global energy price spike if the majority of Russian energy production gets shut in,” Ms. Yellen said at the start of a meeting with her British counterpart, Nadhim Zahawi.
Ms. Yellen said there has been “substantial progress” toward making the price cap a reality and she was optimistic it would happen. Limiting the price would reduce the Kremlin’s income from oil, and a cap would encourage the country to continue producing, Treasury officials have said. World leaders fear that Russia could, however, constrict its energy supply in retaliation, causing prices to spike.
China and India, two countries that have largely resisted signing onto efforts to punish the Kremlin and have maintained business relationships with Russia during the war, will need to get on board.
Your tweet was quoted in an article by The Guardian
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