Senior US Treasury official: Failure of oil price cap on Russian oil could bump up prices to $140

A senior U.S. Treasury official said on Tuesday, “failure to implement proposed oil price cap on Russian oil, with an exemption for purchases below cap, could see the oil price rise to around $140/barrel.”

Additional comments

Yellen to discuss proposed cap on Russian oil price with Japan’s Suzuki, goal is to minimize negative impact on Japan, others, while curtailing Russian revenues.

Japan has expressed concerns about proposed price cap being set too low, has not rejected range of $40-$60/barrel.

US Treasury Secretary Janet Yellen will discuss implementation of the proposed oil price cap with Japanese Finance Minister Shunichi Suzuki when they meet later on Tuesday

Yellen to tell Japanese Finance Minister Suzuki that the US remains very strong despite inflation and drop in Q1 GDP.