U.S. Eyes New Sanctions Amid Softening Global Oil Market

Treasury Secretary Janet Yellen suggests the U.S. may impose new sanctions on Russia, taking advantage of reduced global oil demand. As the U.S. transfers a $20 billion aid installment to Ukraine, Yellen emphasizes the strategic importance of curbing Russia's oil revenue to hinder its war efforts.

The United States may pursue new sanctions on Russia as global oil demand decreases, according to Treasury Secretary Janet Yellen. She noted that this creates an opportunity to impact Russia's revenue and, consequently, its ability to fund the war in Ukraine.

In an interview, Yellen highlighted the importance of targeting Russia's oil income. "With the oil market well-supplied and prices low, the time might be right for further action," Yellen explained. The U.S. has been ramping up sanctions on Russia to diminish its war capabilities.

Moreover, the U.S. Treasury transferred $20 billion in aid to Ukraine through a World Bank fund, fulfilling a recent commitment. This aid, backed by frozen Russian assets, aims to bolster Ukraine's economic resilience against Russia's invasion.

(With inputs from agencies.)