Treasury Secretary Janet Yellen says the US is in talks with allies to set a price cap on Russian oil while maintaining its supplies to the global market. 

“We are talking about price caps or a price exception that would enhance and strengthen recent and proposed energy restrictions (imposed by the US and allies)… that would push down the price of Russian oil and depress Putin’s revenues while allowing more oil supply to reach the global market,” she said.

Being part of the global oil market, the United States is exposed to the influence of geopolitical jitters. Due to the nature of this market, it is almost impossible for the US to be unaffected by upheavals like those that occur in Russia and drive crude prices, the treasury secretary noted. 

Yellen also stressed that the Biden administration had done everything in its power to reduce energy prices in the United States, referring to the decision to tap oil from national strategic reserves. Without it, prices at gas stations would have been much higher, she underlined.