Western countries are working to structure price caps on Russian refined petroleum products to ensure continued flow of Russian diesel, but the markets are complicated and there is a chance things do not go to plan, Treasury Secretary Janet Yellen said.
on Russian refined petroleum products, such as diesel and fuel oil, that are due to take effect on Feb. 5 along with a European Union ban on diesel imports, Yellen told reporters in Dakar, Senegal.
Yellen said setting the new price caps had proven "more complicated" than for crude, given the range of different refined products and price structures, and the importance of ensuring continued supplies of Russian diesel to the market. "You know, there's always the potential that things may not go according to plan but we've studied these markets very carefully and we believe that we're going to come out with a set of caps that will achieve the same things that we've achieved with crude so far," she said, adding that adjustments could still be made over time.
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