WASHINGTON, June 28 (KUNA) -- The United States on Tuesday vowed to do its best to downgrade costs of the Russian oil sales to lowest level possible.
US Treasury Secretary Janet Yellen asaid in a statement that G7 leadersآ’ pursuit of a limit on the price of Russian oil represents a significant step in advancing "our twin goals of sharply reducing Russian revenue and stabilizing global energy prices."
Following the leadersآ’ direction today, the Treasury Department will work expeditiously "with our counterparts in G7 countries, and other global allies and partners, to advance this effort," secretary Yellen said.
"Our united response to Putinآ’s war of aggression has already imposed historic costs on Russiaآ’s economy and has made it harder for it to wage war against Ukraine," Yellen added.
Elaborating, the American official stated, "By working together to limit the price of Russian oil, we will further strengthen the existing sanctions imposed by the G-7 and our partners to make sure that Putin will not be able to profit from the higher global energy costs that have resulted from his invasion."
It is the top economic priority of the US Administration to lower energy prices for American business and consumers and energy prices are a primary driver of todayآ’s inflation.
Limiting the cost of Russian oil will put downward pressure on global energy prices in a way that dampens the impact of Putinآ’s war on the U.S. economy. (end)