The ceiling of Russian oil prices provides African countries with this much!

The ceiling of Russian oil prices provides African countries with this much!
The ceiling of Russian oil prices provides African countries with this much!
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In her press remarks on Monday during her Africa tour, US Treasury Secretary Janet Yellen said the department estimates that the G7 price cap on Russian crude oil and refined oil products would save about $6 billion annually for the 17 largest oil importers in Africa.

Yellen added that imposing two separate ceilings on the prices of oil derivatives, such as diesel, fuel, and others, would increase the amount of savings, which is scheduled to enter into force on February 5, coinciding with the European Union’s ban on imports of Russian diesel. .

This, as the Treasury Secretary elaborated, explaining that one of the two price caps that will be imposed on Russian oil next month will be on high-value derivatives that are usually sold at a higher price than crude oil, while the other will cover other less valuable products such as fuel oil.

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Yellen acknowledged that setting ceilings for the prices of Russian oil products has proven to be more difficult and complex than imposing a ceiling on crude oil only, due to the large number of refined products and their variation and price structures, especially with efforts to ensure continued supplies of Russian diesel to the global market.

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Yellen warns of a global crisis and explains the repercussions of failing to raise the debt ceiling

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