Russian oil price cap could save African countries billions, says Yellen | Business

For more financial news, go to the Russia's war in Ukraine is hitting Africans particularly hard by exacerbating food insecurity and putting an unnecessary drag on the continent's economy, U.S. Treasury Secretary Janet Yellen said in Senegal's capital Dakar on Friday.

G7 countries and Australia implemented the oil price cap on Dec. 5, banning the use of Western-supplied maritime insurance, finance and other services for cargoes priced above $60 per barrel. A further cap on Russian refined petroleum products, such as diesel and fuel oil, is due to take effect on Feb. 5.

Yellen is the first of a number of top U.S. officials who plan to visit Africa this year, including President Joe Biden, as Washington seeks to deepen ties with the continent and provide a counterweight to China, whose collateralized loans have left many nations deeply in debt. She said Africans were demanding greater accountability and transparency from their governments, calling them a prerequisite for sustainable economic growth. U.S. engagement, she said, prioritized"adherence to high standards like transparency, good governance, accountability, and environmental sustainability."

_Business And the thieving ANC is not passing on these discounts!

_Business They’re so desperate. That’s why she’s busy coming to SA

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