- US Treasury Secretary Janet Yellen has warned against violating sanctions imposed on Russia.
- The comments were made in South Africa while Yellen was on a visit to three African countries.
- He was hopeful that an agreement would soon be reached on the next Russian oil price cap.
US Treasury Secretary Janet Yellen said she had discussed economic sanctions on Russia over its invasion of Ukraine at each stop on her Africa tour and hoped an agreement could be reached soon on the next cap. the price of Russian oil.
Yellen was wrapping up a three-country visit to Africa that is aimed at deepening US economic ties with the continent and countering China’s long-standing trade and credit dominance with many African nations.
In remarks to reporters during a visit to the South African coal mining province of Mpumalanga, Yellen said the United States was “in the midst of discussions with all of our partners” when asked about a European proposal to set a price of $100. per barrel. a cap on premium Russian oil products like diesel and a cap of $45 a barrel on discounted products like fuel oil.
“I am encouraged that we can reach an agreement by February 5,” the date a European Union ban on the import of Russian refined products takes effect, he said.
Yellen said it was early for a price cap on Russian crude that took effect on December 5, but she believed it was working.
Yelen said:
We take the sanctions we have imposed on Russia very seriously… And violation of those sanctions by local companies or governments, we would respond quickly and harshly.
Asked if a strong comment from the Chinese embassy in Zambia reduced prospects for reaching an agreement with China on accelerating sovereign debt restructurings, Yellen said her view on the constructive nature of recent talks with China has not changed.
Yellen also got a taste of the challenges most South Africans face on a daily basis with the devastating power outages that have plagued the country for over a decade.
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His delegation had experienced power outages, known locally as load cuts, at places like the hotel where they were staying in Pretoria, and had spent “a lot of time” discussing power challenges with South African officials and business leaders, he said.
However, despite the challenges associated with them, he said he had heard real enthusiasm and optimism about the opportunities American companies saw in South Africa.
