US Seeing Progress From Russian Oil Price Cap, Yellen Says
The U.S. has already seen “early progress” from the G-7 price cap on Russian oil in limiting Russia’s energy revenue, Treasury Secretary Janet Yellen said during a meeting with Canadian officials this week. Although the cap has been in effect…
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for only about a month (see 2212050014 and 2211230047), she said Russian officials have “admitted that the price cap is cutting into” the country’s revenue and global energy markets have “remained well-supplied.” Yellen said “public reports indicate that countries are using the price cap to drive steep bargains on the price of Russian oil imports.”