Yellen to push price cap on Russian oil during Asia visit

Jul 8, 2022, 2:27 AM | Updated: Jul 10, 2022, 12:21 am
FILE - Treasury Secretary Janet Yellen testifies before the House Ways and Means Committee on Capit...

FILE - Treasury Secretary Janet Yellen testifies before the House Ways and Means Committee on Capitol Hill in Washington, on June 8, 2022. Yellen will travel to Asia this month, her first trip to the Indo-Pacific since becoming head of the agency. She will represent the U.S. at the Group of 20 finance minister meetings in Bali. (AP Photo/Jose Luis Magana, File)

(AP Photo/Jose Luis Magana, File)

WASHINGTON (AP) — Treasury Secretary Janet Yellen this month will visit the Indo-Pacific for the first time since taking over the department and will use the trip to make the U.S. case for a price cap on Russian oil aimed at reducing revenue to the Kremlin as it presses ahead with its attack on Ukraine.

Yellen will address the economic and humanitarian challenges wrought by Russia’s war in Ukraine as she represents the U.S. at Group of 20 finance minister meetings on Indonesia’s resort island of Bali and makes additional stops in Tokyo and Seoul, South Korea. During the July 12-19 trip, Yellen will notably avoid visiting China, although she did hold a call with China’s vice premier on Monday.

Yellen has been a critic of China’s economic relationship with Russia — urging China to use its ” special relationship with Russia” to persuade Russia to end the war in Ukraine.

Unlike the Group of Seven finance leader meetings in April, the G-20 will involve participant countries that are not united in taking action in opposition to the war in Ukraine. China, India, South Africa and Brazil have largely resisted signing on to efforts by the U.S. and its allies to punish Russia for its invasion. Russia is expected to participate as well.

Yellen will also tour an LG factory in South Korea and deliver a speech about the importance of strong international partnerships in building supply chains. LG in April announced plans to build a $1.4 billion battery plant in Queen Creek, Arizona.

Yellen’s trip to Asia will come days after the death of former Japanese Prime Minister Shinzo Abe. Abe, a divisive arch-conservative and one of his nation’s most powerful and influential figures, was shot from behind during a campaign speech Friday in western Japan, according to NHK public television.

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Yellen to push price cap on Russian oil during Asia visit