Price cap on Russian oil will benefit China: US Treasury Secretary Janet Yellen

Yellen said that China and other buyers of Russian oil will have more leverage to negotiate lower prices

US Treasury Secretary Janet Yellen. Photo Credit: AFP Photo

China's purchases of Russian oil are "completely consistent" with Western countries' plans to keep Russian crude on the world market and Beijing will benefit from the new price cap mechanism to be imposed in December, US Treasury Secretary Janet Yellen said on Monday.

Yellen told reporters on the sidelines of the G20 summit in Bali that China and other buyers of Russian oil will have more leverage to negotiate lower prices.

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"We see the price cap is something that benefits China benefits India, and benefits all purchasers of Russian oil," Yellen said.