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Yellen says Russia has economic incentive to sell oil at G7 price cap

·1-min read
U.S. President Joe Biden receives an update on economic conditions at the White House

WASHINGTON - U.S. Treasury Secretary Janet Yellen said on Friday Russia will find it advantageous to sell oil at a price capped by Western countries because otherwise it would have to shut down production, and its ability to restart output would suffer permanent damage.

Yellen told MSNBC in a live interview that the G7's price cap plan would reduce funds available for Moscow's war in Ukraine.

"They will do much better economically if they choose to sell into the price cap than if they were to shut in that oil," she said of Russia.

(Reporting by David Lawder; Editing by Chizu Nomiyama)

(( David.Lawder@tr.com ; +1 202 354 5854; Reuters Messaging: david.lawder.thomsonreuters.com@reuters.net ))