Yellen discusses Russia oil price cap as Chancellor Nadhim Zahawi visits US

US treasury secretary Janet Yellen, right, with the United Kingdom’s Chancellor Nadhim Zahawi at the Treasury Department in Washington (Jacquelyn Martin/AP)

US Treasury Secretary Janet Yellen has warned that a failure to place a price cap on Russian oil would hurt the global economy.

“Without a price cap, we face the threat of a global energy price spike if the majority of Russian energy production gets shut in,” Ms Yellen said at the start of a meeting with her British counterpart, Chancellor Nadhim Zahawi.