U.S. Treasury Secretary supports the implementation of restrictions on Russian oil products

U.S. Treasury Secretary Janet Yellen said that the task of limiting prices for oil from Russia can include petroleum products, which will cause additional difficulties.

Yellen mentioned the results of the market study and believes that reaching the same goals does not require oil. In addition, she did not exclude the possibility of failure at any moment.

The G7 and the European Union set a price cap in December. Buyers can pay $60 for Russian oil while remaining users of services from Western firms, such as insurance. Most imports of Russian oil are also prohibited in EU countries.

The G7 agreement will also cover Russian petroleum products. The plan will be implemented on February 5, simultaneously with the EU import ban.

However, analysts and traders have concerns about the redistribution of oil product flows, especially regarding diesel fuel. They believe it could be difficult.

Yellen noted the difficulties and said that this market for different petroleum products with different prices is more complex.