Cyprus not banning transportation of Russian oil to third countries - report

U.S. Treasury Secretary Janet Yellen is pressing European counterparts to embrace measures designed to enforce a price cap on Russian oil, Bloomberg reported.

Yellen spoke Monday with Constantinos Petrides, the finance minister of Cyprus, a major maritime player that serves as Europe’s largest ship-management center. The two “spoke about the goal of placing a price limit on Russian oil,” the Treasury said in a statement.

The US is also pushing Cyprus to impose a ban on Cypriot-flagged vessels transporting Russian oil to third countries, according to a person familiar with the matter. Petrides raised concerns about such a step, however, given that many other countries aren’t imposing sanctions on Russia.