Live: Yellen, UK’s finance minister discuss price cap on Russian oil
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Issued on: 27/07/2022 – 07:07
US Treasury Secretary Janet Yellen highlighted a proposed price cap on Russian oil on a phone call with British Finance Minister Nadhim Zahawi on Tuesday, a move to reduce the impact of the war in Ukraine on global energy prices. Both discussed the need to continue to accelerate budgetary support for Ukraine, and opportunities to build on sanctions imposed on Russia, Yellen said in a statement. Follow our live updates for all the latest developments. All times are Paris time (GMT+2).
7:16am: EU agrees to cut gas consumption amid Russian supply fears
European Union governments agreed Tuesday to reduce consumption of natural gas this winter to protect themselves against any further supply cuts by Russia amid its invasion of Ukraine, although the measure contains exemptions for some countries.
European Commission President Ursula von der Leyen tried to portray the moment as one of great unity but behind the scenes there was a lot of disunity, reports David Keating, FRANCE 24’s correspondent in Brussels.
Hungary voted against the proposal and what got all the other countries to agree to the legislation was the series of exemptions and derogations it contains. Essentially, the Commission’s proposed instrument by which it would be able to declare an emergency if Russia shuts off the gas taps and mandate gas rationing by national governments is gone because of the way the law has been watered down by EU energy ministers, says Keating.
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6:44am: Yellen discusses price cap on Russian oil with UK’s Zahawi
US Treasury Secretary Janet Yellen considered a proposed price cap on Russian oil on a phone call with British Finance Minister Nadhim Zahawi on Tuesday, a move to reduce the impact of the war in Ukraine on global energy prices.
(FRANCE 24 with Reuters, AP and AFP)