USA is in talks with Canada and other allies to further restrict energy revenues from Moscow by imposing a price cap on Russian oil without causing spillovers to low-income countries, Treasury Secretary Janet Yellen said Monday.

“We are talking about price caps or a price exception that would improve and reinforce recent and proposed energy restrictions by Europe, the United States, the United Kingdom and others, which would drive down the price of Russian oil and depress the income of (President Russian, Vladimir) Putinwhile allowing more oil supply to reach the world market,” Yellen said in Toronto.

“We believe that a price exemption is also an important way to prevent spillover effects to low-income developing countries that are struggling with high food and energy costs,” he told reporters, speaking alongside the Canadian Finance Minister, Chrystia Freeland.

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