The United States has already prohibited Russian oil imports, and the European Union has agreed to prohibit Russian crude imports by sea in six months. Furthermore, the bloc has worked with some Group of Seven members to coordinate a ban on the insurance services required to ship Russian oil anywhere in the world.
"The UK is very likely to go along with such a ban, which could have the effect of locking in a significant amount of Russian oil," Yellen said Thursday at a New York Times event.
Approximately 95 percent of the world's tanker liability coverage is arranged through the International Group of P&I Clubs, a London-based insurance organization that must follow European law.
Yellen was questioned about remarks she made earlier this week at a congressional hearing about talks to form a buyers' bloc to limit Russia's oil revenues.
Buyers' Bloc
"There would need to be a reasonably large group of countries that would go along with it, and such a coalition would be necessary," Yellen said Thursday.
The Treasury Secretary told the Senate Finance Committee on Tuesday that talks on forming a buyers' bloc are "extremely active."
"What we want to do is keep Russian oil flowing into the global market in order to keep global prices down and avoid a spike that causes a global recession," Yellen said on Tuesday.