Yellen sees price curb on Russian oil

US Treasury Secretary Janet Yellen says she had productive meetings about a proposed price cap on Russian oil with a host of countries on the sidelines of a meeting of the finance chiefs of the Group of 20 major economies.

Yellen said her bilateral meetings and the overall G20 sessions in Indonesia focused on the human and economic cost of Russia's invasion of Ukraine, with the United States and other countries "unequivocal in condemning Russia's shameful actions."

Russia says it is engaged in a "special military operation" in Ukraine.

The US Treasury Department said Yellen met finance leaders from Saudi Arabia, Australia, South Africa, Turkey and Singapore. She also had dinner with Canadian Finance Minister Chrystia Freeland, a Treasury official said.

"On energy costs, I had productive bilateral meetings with over a half-dozen of my counterparts where we discussed the merits of a price cap and how it can help us achieve our goals of denying Russian President Vladimir Putin revenue for his war machine, while dampening energy costs," Yellen told reporters outside the meeting venue.

This came as US President Joe Biden said he expects further oil supply increases after meeting with Saudi rulers.

"I'm doing all I can to increase the supply," he told reporters. "The Saudis share that urgency, and based on our discussions today I expect we'll see further steps in the coming weeks."

Biden's trip didn't result in an immediate pledge for a production increase, but US officials have welcomed moves from the OPEC+ alliance to boost supply and expect more to come.