Yellen Deputy Rejects Secondary Sanctions for Russia Oil Cap (1)

Deputy US Treasury Secretary Wally Adeyemo said he doesn’t anticipate Washington applying sanctions on countries or companies that fail to join a proposed price cap on Russian oil.

“I don’t think we need secondary sanctions because, in this case, what we’re doing is something that is creating the right incentives for the countries that are purchasing Russian oil,” Adeyemo said in an interview with Bloomberg Television Wednesday. “There’s going to be a natural incentive for countries to join this coalition.”

Treasury Secretary Janet Yellen has been championing a price cap on Russian oil as a way to limit revenues flowing ...