### Janet Yellen Discusses Further Sanctions on “Dark Fleet” Tankers and Chinese Banks
In a recent interview with Reuters, U.S. Treasury Secretary Janet Yellen revealed that the United States is exploring additional sanctions on “dark fleet” tankers to reduce Russia’s oil revenue and limit its access to foreign supplies for the ongoing conflict in Ukraine. Yellen emphasized the importance of weakening Russian oil revenues to strengthen Ukraine’s position in the conflict.
#### Possible Measures to Impair Russian Oil Revenues
Yellen hinted at the possibility of lowering the $60-per-barrel oil price cap on Russian oil, which currently restricts Western insurance and maritime services on cargoes exceeding that level. The Treasury has already sanctioned individual tankers for operating above the price cap, and Yellen suggested that more measures could be taken in the coming weeks before her departure from office.
– Yellen stated, “There are a number of possibilities here. We are always looking at ways to further impair Russian oil revenues.”
#### Concerns Regarding Chinese Banks
Yellen also addressed concerns about Chinese banks potentially aiding transactions related to Russia’s war effort. While the Treasury continues to engage in discussions with Chinese counterparts on detecting such activities, Yellen did not rule out the possibility of sanctioning individual banks if the necessary evidence is found.
– Yellen highlighted the success of warnings to larger Chinese banks, making them cautious about engaging in activities that could lead to sanctions.
#### Importance of Communication Channels
The U.S.-China Financial Working Group is set to have its final meeting next week, focusing on financial stability issues and crisis management exercises. Yellen stressed the significance of maintaining open channels of communication with China to address various economic concerns and promote constructive dialogue.
– Yellen emphasized the need for continuous engagement at a senior official staff level to develop a strong relationship with China.
### Analysis:
Janet Yellen’s insights into potential sanctions on “dark fleet” tankers and Chinese banks underscore the United States’ efforts to weaken Russian oil revenues and curb financial support for the war in Ukraine. By exploring various measures and maintaining communication channels with China, the Treasury aims to address economic challenges and promote transparency in financial transactions.
For individuals unfamiliar with finance, understanding the implications of these actions is crucial. Sanctions on “dark fleet” tankers and Chinese banks can impact global oil markets, energy prices, and geopolitical dynamics. By weakening Russian oil revenues, the U.S. aims to support Ukraine and promote stability in the region. Additionally, communication with China plays a vital role in addressing economic concerns and fostering cooperation on various issues. Overall, these developments highlight the interconnected nature of global finance and the importance of strategic decision-making in international relations.