Yellen to push price cap on Russian oil during Asia visit

Jul 7, 2022, 2:12 PM | Updated: Jul 8, 2022, 12:04 pm
FILE - Treasury Secretary Janet Yellen testifies before the House Ways and Means Committee on Capit...

FILE - Treasury Secretary Janet Yellen testifies before the House Ways and Means Committee on Capitol Hill in Washington, on June 8, 2022. Yellen will travel to Asia this month, her first trip to the Indo-Pacific since becoming head of the agency. She will represent the U.S. at the Group of 20 finance minister meetings in Bali. (AP Photo/Jose Luis Magana, File)

(AP Photo/Jose Luis Magana, File)

WASHINGTON (AP) — Treasury Secretary Janet Yellen this month will visit the Indo-Pacific for the first time since taking over the department and will use the trip to make the U.S. case for a price cap on Russian oil aimed at reducing revenue to the Kremlin as it presses ahead with its attack on Ukraine.

Yellen will address the economic and humanitarian challenges wrought by Russia’s war in Ukraine as she represents the U.S. at Group of 20 finance minister meetings on Indonesia’s resort island of Bali and makes additional stops in Tokyo and Seoul, South Korea. During the July 12-19 trip, Yellen will notably avoid visiting China, although she did hold a call with China’s vice premier on Monday.

Yellen has been a critic of China’s economic relationship with Russia — urging China to use its ” special relationship with Russia” to persuade Russia to end the war in Ukraine.

Unlike the Group of Seven finance leader meetings in April, the G-20 will involve participant countries that are not united in taking action in opposition to the war in Ukraine. China, India, South Africa and Brazil have largely resisted signing on to efforts by the U.S. and its allies to punish Russia for its invasion. Russia is expected to participate as well.

Yellen will also tour an LG factory in South Korea and deliver a speech about the importance of strong international partnerships in building supply chains. LG in April announced plans to build a $1.4 billion battery plant in Queen Creek, Arizona.

Yellen’s trip to Asia will come days after the death of former Japanese Prime Minister Shinzo Abe. Abe, a divisive arch-conservative and one of his nation’s most powerful and influential figures, was shot from behind during a campaign speech Friday in western Japan, according to NHK public television.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Evelyn Knapp, a supporter of former President Donald, waves to passersby outside of Trump's Mar-a-L...
Associated Press

Trump legal woes force another moment of choosing for GOP

From the moment he rode down the Trump Tower escalator to announce his first presidential campaign, a searing question has hung over the Republican Party: Is this the moment to break from Donald Trump?
1 day ago
FILE - The Silicon Valley Bank logo is seen at an open branch in Pasadena, Calif., on March 13, 202...
Associated Press

Army of lobbyists helped water down banking regulations

It seemed like a good idea at the time: Red-state Democrats facing grim reelection prospects would join forces with Republicans to slash bank regulations — demonstrating a willingness to work with President Donald Trump while bucking many in their party.
1 day ago
FILE - This Sept. 2015, photo provided by NOAA Fisheries shows an aerial view of adult female South...
Associated Press

Researchers: Inbreeding a big problem for endangered orcas

People have taken many steps in recent decades to help the Pacific Northwest's endangered killer whales, which have long suffered from starvation, pollution and the legacy of having many of their number captured for display in marine parks.
2 days ago
FILE - Hiring signs are displayed at a grocery store in Arlington Heights, Ill., Jan. 13, 2023. Emp...
Associated Press

Pay transparency is spreading. Here’s what you need to know

U.S. employers are increasingly posting salary ranges for job openings, even in states where it’s not required by law, according to analysts with several major job search websites.
2 days ago
Meadowdale High School 9th grade students Juanangel Avila, right, and Legacy Marshall, left, work t...
David Klepper and Manuel Valdes, Associated Press

Seattle high school teacher advocates for better digital literacy in schools

Shawn Lee, a high school social studies teacher in Seattle, wants to see lessons on internet akin to a kind of 21st century driver's education, an essential for modern life.
2 days ago
South Carolina Senators hear from the parents of people who died from fentanyl overdose on Jan. 19,...
Associated Press

With overdoses up, states look at harsher fentanyl penalties

State lawmakers nationwide are responding to the deadliest overdose crisis in U.S. history by pushing harsher penalties for possessing fentanyl and other powerful lab-made opioids that are connected to about 70,000 deaths a year.
2 days ago

Sponsored Articles

SHIBA volunteer...

Volunteer to help people understand their Medicare options!

If you’re retired or getting ready to retire and looking for new ways to stay active, becoming a SHIBA volunteer could be for you!
safety from crime...

As crime increases, our safety measures must too

It's easy to be accused of fearmongering regarding crime, but Seattle residents might have good reason to be concerned for their safety.
Comcast Ready for Business Fund...
Ilona Lohrey | President and CEO, GSBA

GSBA is closing the disparity gap with Ready for Business Fund

GSBA, Comcast, and other partners are working to address disparities in access to financial resources with the Ready for Business fund.
SHIBA WA...

Medicare open enrollment is here and SHIBA can help!

The SHIBA program – part of the Office of the Insurance Commissioner – is ready to help with your Medicare open enrollment decisions.
Lake Washington Windows...

Choosing Best Windows for Your Home

Lake Washington Windows and Doors is a local window dealer offering the exclusive Leak Armor installation.
Anacortes Christmas Tree...

Come one, come all! Food, Drink, and Coastal Christmas – Anacortes has it all!

Come celebrate Anacortes’ 11th annual Bier on the Pier! Bier on the Pier takes place on October 7th and 8th and features local ciders, food trucks and live music - not to mention the beautiful views of the Guemes Channel and backdrop of downtown Anacortes.
Yellen to push price cap on Russian oil during Asia visit