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US Treasury Secretary Janet Yellen testifies before the House Ways and Means Committee during a hearing on proposed fiscal year 2023 budget on Capitol Hill in Washington, Wednesday, June 8, 2022
US Treasury Secretary Janet Yellen has called for the creation of a new cartel of countries to target Russian oil and prevent energy price rises amid the sanctions imposed in response to the war in Ukraine.
“There would need to be a reasonably large group of countries that would go along with it. And it would be necessary to create such a coalition,” she told the New York Times’s DealBook DC Policy Forum on Thursday.
Ms Yellen highlighted plans by the European Union to “phase out Russian oil purchases,” adding that Britain was likely to “go along with it.”
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