Finance Minister Janet Yellen said that other countries do not violate U.S. sanctions by buying Russian oil.

The United States wants to deprive the Russian Federation of oil revenues, but at the same time not to ban Russian hydrocarbons on the world market. This was stated on Tuesday by Finance Minister Janet Yellen, speaking at a hearing in the Banking Committee of the Senate of the U.S. Congress.

“I believe that it is in our interests to deprive Russia of income from the sale of oil on world markets. This is somewhat different than saying that we want to keep Russian oil off the world markets, because in this case our actions may lead to an increase in the price of oil in the world, which <…> it can increase Russia’s revenues, not lower them,” the minister said. She also stressed that other “countries do not violate [U.S.] sanctions by buying Russian oil.”

The Finance Minister also recalled that any organization that provides material support to a person under restrictions in order to circumvent them may itself fall under sanctions. “And this is what we are ready to do (introduce such restrictions). We believe that our willingness and ability to do this has a very significant impact. All over the world, financial institutions, whether in China or in other countries that may not support our views on the war that Russia is waging in Ukraine, are very concerned that they themselves may become the target of sanctions for providing material assistance in circumventing sanctions,” Yellen said. She was referring to Russia’s special military operation in Ukraine.

The minister was asked if this means that no financial institution in the world provides material support to the Russian Federation in circumventing sanctions. “I’m not going to go so far as to say no,” she replied.