Yellen says Russia offering 'enormous discounts' on oil to China, India

Russia is now looking for other outlets for its oil, said Yellen, with Europe set to halt the bulk of its purchases in December.

WASHINGTON - A planned Western price cap on Russian oil is already making a difference, US Treasury Secretary Janet Yellen said on Thursday, noting that Russia was now offering China and India "enormous discounts" while looking for other outlets for its oil.

In December, Europe would halt the bulk of its purchases of three million barrels a day, putting additional pressure on Russia to find new buyers for its oil, Yellen told a conference hosted by The Atlantic magazine.

Europe was facing a tough winter with tight energy supplies as it decoupled from Russian energy, Yellen said.

She said that could have some spillover effects on the United States, but she "wouldn't exaggerate" the potential impact on US growth. REUTERS

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