Yellen To Push For Price Cap On Russian Oil During Asian Visit

Treasury Secretary Janet Yellen will travel the Indo-Pacific region this month for the first time since taking over the department, and she will use the trip to make the case for a price cap on Russian oil, which would reduce revenue to the Kremlin as it continues its onslaught on Ukraine, Fatima Hussein reported for the Associated Press (AP).

Photo Insert: Treasury Secretary Janet Yellen

Yellen will discuss the economic and humanitarian problems posed by Russia's war in Ukraine as she represents the United States at the Group of 20 finance ministers' meeting in Bali, Indonesia, as well as stops in Tokyo, Japan, and Seoul, South Korea.

Yellen will not visit China during her July 12-19 trip, though she did speak with China's vice premier on Monday. Yellen has criticized China's economic connection with Russia, pushing Beijing to use its "special relationship with Russia" to convince Russia to cease the conflict in Ukraine.

Yellen will also visit an LG factory in South Korea and give a speech about the necessity of strong international partnerships in the development of supply chains. LG announced plans to build a $1.4 billion battery facility in Queen Creek, Arizona, in April.

Yellen's visit to Asia comes just days after the death of former Japanese Prime Minister Shinzo Abe, a divisive arch-conservative and one of the country's most powerful and influential figures, who was shot from behind during a campaign speech in Nara, Japan on Friday.

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