Catching up on weekend news.
U.S. Treasury Secretary Janet Yellen spoke in an interview Sunday with CNN
- US consumers could experience a spike in gas prices in winter when the European Union significantly cuts back on buying Russian oil
- "It's a risk, and it's a risk that we're working on the price cap to try to address"
- The possible price increase could come because the EU "will cease for the most part buying Russian oil" and impose a ban on services that allow Russia to ship oil by tanker
Reuters background this:
- The price cap plan agreed to by G7 wealthy nations calls for participating countries to deny insurance, finance, brokering, navigation and other services to oil cargoes priced above a yet-to-be-determined price cap on crude and oil products.
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