US treasury secretary Janet Yellen said she had discussed economic sanctions against Russia for its invasion of Ukraine in every stop on her Africa tour and was hopeful an agreement on the next Russian oil price cap could be reached soon.
Yellen wrapped up a three-country visit to Africa aimed at deepening US economic ties with the continent and countering China's long dominance of trade and lending with many African nations.
In comments to reporters during a visit to the South African coal-mining province of Mpumalanga, Yellen said the US was “in the middle of discussions with all of our partners,” when asked about a European proposal to set a $100 (R1,736) per barrel price cap on premium Russian oil products such as diesel and a $45 (R781) per barrel on discounted products such as fuel oil.
“I am encouraged we will be able to come to agreement by February 5,” the date an EU ban on importing Russian refined products goes into effect, she said.
It was early days for a price cap on Russian crude oil that went into effect on December 5, but she believed it was working.
“We take very seriously the sanctions we have placed on Russia ... And violation of those sanctions by local businesses or by governments, we would respond to it quickly and harshly,” Yellen said.
Asked whether a strongly-worded comment from the Chinese embassy in Zambia lowered the prospects of reaching agreement with China on accelerating sovereign debt restructurings, Yellen said her views about the constructive nature of recent talks with China had not changed.
She also got a taste of the challenges most South Africans face daily with crippling power outages that have plagued the country for more than a decade.
Her delegation experienced power cuts at venues including the hotel where they were staying in Pretoria and spent “a good deal of time” discussing energy challenges with South African officials and business leaders, she said.
However, despite the challenges associated with them, she said she had heard real enthusiasm and optimism about the opportunities US companies saw in South Africa.
Reuters
Yellen says she discussed Russia sanctions in every stop on Africa tour
'We take very seriously the sanctions we have placed on Russia ... And violation of those sanctions by local businesses or by governments, we would respond to it quickly and harshly'
Image: Waldo Swiegers/Bloomberg
US treasury secretary Janet Yellen said she had discussed economic sanctions against Russia for its invasion of Ukraine in every stop on her Africa tour and was hopeful an agreement on the next Russian oil price cap could be reached soon.
Yellen wrapped up a three-country visit to Africa aimed at deepening US economic ties with the continent and countering China's long dominance of trade and lending with many African nations.
In comments to reporters during a visit to the South African coal-mining province of Mpumalanga, Yellen said the US was “in the middle of discussions with all of our partners,” when asked about a European proposal to set a $100 (R1,736) per barrel price cap on premium Russian oil products such as diesel and a $45 (R781) per barrel on discounted products such as fuel oil.
“I am encouraged we will be able to come to agreement by February 5,” the date an EU ban on importing Russian refined products goes into effect, she said.
It was early days for a price cap on Russian crude oil that went into effect on December 5, but she believed it was working.
“We take very seriously the sanctions we have placed on Russia ... And violation of those sanctions by local businesses or by governments, we would respond to it quickly and harshly,” Yellen said.
Asked whether a strongly-worded comment from the Chinese embassy in Zambia lowered the prospects of reaching agreement with China on accelerating sovereign debt restructurings, Yellen said her views about the constructive nature of recent talks with China had not changed.
She also got a taste of the challenges most South Africans face daily with crippling power outages that have plagued the country for more than a decade.
Her delegation experienced power cuts at venues including the hotel where they were staying in Pretoria and spent “a good deal of time” discussing energy challenges with South African officials and business leaders, she said.
However, despite the challenges associated with them, she said she had heard real enthusiasm and optimism about the opportunities US companies saw in South Africa.
Reuters
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