US, Canada discuss additional sanctions on Russian oil, aid to Kyiv as war enters day 118

US Treasury Secretary Janet Yellen on Monday engaged in comprehensive discussions with Canadian Finance Minister and Deputy PM Chrystia Freeland over additional sanctions on Russian oil and in turn more support to Ukraine. According to reports, Yellen proposed price caps on Russian oil in order to sever Moscow's revenue from energy exports. "We are talking about price caps or a price exception that would enhance and strengthen recent and proposed energy restrictions by Europe, the United States, the UK, and others that would push down the price of Russian oil and depress Putin's revenues while allowing more oil supply to reach the global market," said Yellen in Toronto, as quoted by the Associated Press.

Taking to Twitter, Mike Gwin, White House Rapid Response Director, wrote Yellen met with Freeland "to talk about joint priorities, including strengthening supply chains to lower prices as well as efforts to impose sanctions on Russia and support Ukraine."

Yellen explained that a price exception is an important way to prevent spillover effects to low income in developing countries that are struggling with high costs of food and energy.

Yellen stresses potential measures necessary to curb sky-high fuel prices

The diplomats at the US-Toronto bilateral meeting also talked about global inflation and discussed efforts to work together to "make life more affordable," Freeland wrote in a Twitter post. They also deliberated on climate change; making the international tax system fairer; how we can continue to support Ukraine and its government; & more. Both Yellen and Freeland analysed and sought adequate responses to reverse the supply chain issues and alleviate cross-border economic partnership with an aim to keep costs down for consumers, the US Treasury Secretary said.

Biden 'admires' Canada's national child-care plan: Yellen

At the meeting with Freeland, Yellen told the Canadian Deputy PM that US President Joe Biden wanted to replicate the "admirable" national child-care plan formulated by Ottawa. She added Biden would "very much like to see" similar policies adopted in the US. She admitted that Washington has fallen behind its partners in child-care programmes. "Child care is too lacking in availability and too expensive, and I very much admire what you have done in Canada," Yellen told Freeland during the armchair discussions at the University of Toronto's Rotman School of Management, the National Post reported. Notably, she was referring to Canadian PM Justin Trudeau's $30 billion pledge in the 2021 budget to create $10-per day-child care sports for the next five years in every province.

(Image: AP/Shutterstock)