US Treasury Secretary Janet Yellen wants to campaign for a price cap on Russian oil at the upcoming G-20 meeting in Bali.

This could potentially push energy prices down and stabilize the market, Yellen said on Thursday.

She warned of rising oil prices.

It is questionable, however, whether other countries will join in with a price cap for Russian oil.

Yellen said hopefully China and India will see that this is in their best interests.

"It would give Russia the opportunity to continue exporting oil." At the same time, however, major price jumps could be avoided.

US government officials had recently warned of an oil price of around $140 per barrel, which they believed could be a threat.

It's currently around $100.

According to US ideas, financial services, insurance and the transport of oil cargo are to be combined.

A cargo company or importer should only get these services if they adhere to a cap on Russian oil.

This is to be set at a later date - at a level that still gives Russia an incentive to export, but not too high to finance the war in Ukraine.

According to US officials, it could be around $40 to $60 a barrel.

India and Indonesia insist on help in the fight against climate change

The finance ministers and central bank governors of the 20 leading industrialized and emerging countries (G20) will meet in Bali on Friday and Saturday.

However, major decisions are not expected because the West and Russia are blocking each other.

Yellen said the attack on Ukraine was having negative effects around the world, including on energy prices and food security.

She will condemn the Russian invasion as strongly as possible.

Meanwhile, India and the G-20 host Indonesia called for more aid for climate protection.

Both countries emphasized that the conversion should not lead to even higher costs for the citizens.

Rising interest rates made it even more difficult for emerging markets to invest in climate protection.

The industrialized countries have actually promised poorer countries to mobilize 100 billion dollars a year from 2020 so that they can fight climate change.

So far, however, the goal has not been achieved.

Now it is to be fulfilled from 2023.