Yellen won't rule out sanctions on Chinese banks

Yellen hints at new sanctions on 'dark fleet' tankers, Chinese banks to curb Russia's oil revenue.

WASHINGTON:

US Treasury Secretary Janet Yellen told Reuters on Friday that the US is looking at further sanctions on 'dark fleet' tankers and will not rule out sanctions on Chinese banks as it seeks to reduce Russia's oil revenue and access to foreign supplies to over the conflict in Ukraine.

Yellen said in an interview that the US and its allies also could consider lowering their $60-per-barrel oil price cap on Russian oil, which prohibits Western insurance and maritime services on cargoes above that level.

The Treasury has already sanctioned individual tankers and their owners for operating above the price cap and can do more in this area, Yellen added, suggesting additional measures in the five weeks before she leaves office. "There are a number of possibilities here. We don't preview sanctions, but we're always looking at oil revenues and if we can find ways to further impair Russian oil revenues, that would, I think, strengthen Ukraine's hand. That remains on our list," Yellen said.