The United States is engaged in extremely active discussions with European countriestargeting limiting the revenue that Russia can generate from the sale of oilsaid on Tuesday the Secretary of the Treasury Janet Yellen, Reuters reports.
Yellen told the Senate Finance Committee that the staff of The United States seeks to curb the flow of Russian oil on the world market to keep prices down and avoid a jumpwhich can cause global recession.
“But the absolute goal is to limit revenues going to Russia“she said, adding that there are various ways to achieve this, including a possible move buyers to unite and limit the prices they pay to Moscow.
Yellen admitted on Tuesday that inflation is at “unacceptable levels“but also tried to emphasize that this is not a problem that is unique to the United States aloneCNN Business reports.
“Putin’s war in Ukraine is affecting world energy and food prices“Yellen told lawmakers.” We are not the only country with inflation. You can see this in almost every developed country in the world. “
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Speaking at the Senate Finance Committee hearing, Yellen pointed to the record release of oil from the strategic oil reserve from the Biden administration. “Energy and petrol prices, although very high, would be higher without it,” Yellen said.
However, the Minister of Finance stressed that The United States is not immune to global energy shocks. “We are part of global oil markets that are subject to geopolitical influence. Given the global nature of these markets, it is practical for us it is impossible to isolate ourselves from shocks like the ones happening in Russia that drive world oil prices“said Yellen.
She added that it is extremely important Make the United States “more dependent on wind and sun, which are not subject to geopolitical influence“.
During his prepared speeches, Yellen admitted that The United States faces “macroeconomic challengesincluding unacceptable levels of inflation. “Yellen called on lawmakers to take action to tackle high inflation.
“I believe that Congress can do much to ease costsIn particular, she cited investments in reducing the cost of prescription drugs, investing in clean energy, investing in affordable housing and helping families with childcare and medical expenses. costs.
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It will take time to curb inflationsaid Yellen. “There is no doubt that we have huge inflationary pressures. Inflation is our main economic problem at the moment,” Yellen told lawmakers. “It is crucial that we deal with it. I really expect inflation to stay highalthough I very much hope that it will go down. “
Yellen explained that hers previous expectation that inflation will be “transient” is not taken into account the many variants of Covid-19, which disrupted supply chains, nor the invasion of Russia in Ukraine.
“As President Powell pointed out, both are likely we could use a better term than “transient“,” Yellen said, referring to a previous call by Federal Reserve Chairman Jerome Powell to withdraw the term.
“I guess I see most of the inflation as a reflection of supply and demand factors. On the supply side, we had huge supply chain problems due to the pandemic and changes in the consumption pattern of services to goods.” The finance minister also cited “huge increases” in food and energy prices, partly reflecting Russia’s invasion of Ukraine.
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