Gasoline prices in the United States could spike this winter as an embargo on Russian oil imports comes into effect in the European Union, Treasury Secretary Janet Yellen has warned. Speaking to CNN, Yellen said that “Well, it’s a risk. And it’s a risk that we’re working on the price cap to try to address.” Yellen was the first official to propose a price cap on Russian oil exports as a means of reducing Russia’s revenues from energy exports that, according to Washington and other western capitals, fund what Moscow calls its special military operation in Ukraine. Earlier this month, the G7 agreed to impose a price cap on Russian oil exports by banning cargo services such as transport, insurance, and financing for cargos sold above a certain price that has yet to be set by the group. The European Union agreed on an embargo earlier this year on […]