Yellen during a press conference expressed her hope that India and China will support the corresponding US initiative.
In her opinion, China and India will be affected by the ban on insurance and financial services for export deliveries, which are planned to be introduced by the EU, the UK and the US.
“Without price caps or price exceptions to this ban, we are likely to see significantly higher world prices,” RIA Novosti quoted her as saying.
The minister said that such a ban would lead to "significant volumes of Russian oil falling out" from the world market.
Earlier, the Russian Foreign Ministry warned that the anti-market plans of the G7 countries to set a price ceiling for Russian oil could lead to an increase in prices for it.