Yellen: U.S. in middle of talks with EU on Russian crude price cap

U.S. Treasury Secretary Janet Yellen said on Friday that the United States and European Union were in the middle of discussions on a Russian crude oil price cap.

She said she was encouraged that the U.S. and EU would reach an agreement by Feb. 5.

Yellen added in comments to reporters during a visit to the South African coal-mining province of Mpumalanga that she had discussed sanctions on Russia over the war in Ukraine in every country she had visited during an ongoing Africa tour.

She emphasized that the U.S. would respond quickly and harshly if sanctions were violated.

Yellen also said she had heard real enthusiasm from U.S. companies about investing in South Africa, despite crippling power outages in the country.