Traveling with President Biden to the G20 summit in Indonesia, Treasury Secretary Janet Yellen stated in an interview on Nov. 13 on the sidelines of the G20, that the sanctions on Russia would stay in place, regardless of the outcome of the Ukraine crisis. Her remarks are indicative of the confrontational approach which the U.S.—and other Western nations—are expected to bring into the G20 summit.
“We would probably feel, given what’s happened, that probably some sanctions should stay in place,” Yellen stated. RT added that she claimed that Russia hasn’t made any effort to seek peace talks “on any terms that are acceptable to Ukraine.” Yellen added laconically: “I suppose in the context of some peace agreement, adjustment of sanctions is possible and could be appropriate.”
Yellen is meanwhile doubling down on her intention to put a cap on the price of Russian oil exports, starting Dec. 5. “They’re going to be looking for buyers, and we think they’re going to have a hard time selling all of it.… Our estimation is there would be some shut-in on December 5 unless they’re willing to accept a price at or below the cap for buyers around the world,” Yellen explained wishfully. Earlier reports suggested it could be set at $60 per barrel, as opposed to the current market price of around $95.
RT, on the other hand, cites industry experts who believe that “up to 90% of the fuel could continue to flow outside the cap mechanism, as Russia uses options to sidestep sanctions. For instance, it has an entire fleet of its own oil tankers and could expand it further with Chinese and Indian ships, while it could also apply for insurance to companies in the Middle East and Asia.”
