Yellen said gasoline prices could spike when the EU significantly cuts buying Russian oil

Catching up on weekend news.

U.S. Treasury Secretary Janet Yellen spoke in an interview Sunday with CNN

• US consumers could experience a spike in gas prices in winter when the European Union significantly cuts back on buying Russian oil
• "It's a risk, and it's a risk that we're working on the price cap to try to address"
• The possible price increase could come because the EU "will cease for the most part buying Russian oil" and impose a ban on services that allow Russia to ship oil by tanker

Reuters background this:

• The price cap plan agreed to by G7 wealthy nations calls for participating countries to deny insurance, finance, brokering, navigation and other services to oil cargoes priced above a yet-to-be-determined price cap on crude and oil products.

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