U.S. Treasury Secretary Janet Yellen said on Wednesday that a price cap on Russian oil exports in the $60-a-barrel range would likely be sufficient to reduce Moscow’s energy revenues while allowing profitable production.

Yellen told an event at International Monetary Fund and World Bank meetings that Russia has been willing to produce and sell oil in the $60 range over the past five to seven years.

“So certainly a price in that range would be sufficient to feel that Russia could profitably produce and sell oil,” Yellen said, adding the United States and its Western allies were still discussing where to set the price for a capping mechanism set to take effect on Dec. 5.
Source: Reuters (Reporting by David Lawder Editing by Chris Reese)