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July 03
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The G7 countries are discussing the creation of a special cartel, the purpose of which will be to set a price threshold for oil and oil products from Russia, Bloomberg reported, citing US Treasury Secretary Janet Yellen.

According to Yellen, many in the G7 see this option as attractive from an overall economic standpoint. However, in reality, the launch of such a mechanism is a difficult task, and all these issues are at the stage of detailed study.

She said officials discussed ways to limit Russia's oil revenues while minimizing the impact on energy prices. 

"The objective is to keep some Russian oil flowing to the market to hold down global prices so we don't have undue negative impacts," Yellen said.

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