Statement by Secretary Yellen on G7 Price Cap Announcement

WASHINGTON - The G7 leaders' pursuit of a limit on the price of Russian oil represents a significant step in advancing our twin goals of sharply reducing Russian revenue and stabilizing global energy prices. Following the leaders' direction today, the Treasury Department will work expeditiously with our counterparts in G7 countries, and other global allies and partners, to advance this effort.

Our united response to Putin's war of aggression has already imposed historic costs on Russia's economy and has made it harder for it to wage war against Ukraine. By working together to limit the price of Russian oil, we will further strengthen the existing sanctions imposed by the G-7 and our partners to make sure that Putin will not be able to profit from the higher global energy costs that have resulted from his invasion.

It is the top economic priority of the Biden Administration to lower energy prices for American business and consumers - and energy prices are a primary driver of today's inflation. Limiting the cost of Russian oil will put downward pressure on global energy prices in a way that dampens the impact of Putin's war on the U.S. economy.