Oil Price Cap Is Working: Yellen

The U.S. and EU-applied price cap on Russia’s oil have “sharply” reduced the Kremlin’s income, U.S. Treasury Secretary Janet Yellen said on Thursday at the G20 meeting in India. “We’ve continued to see emerging markets negotiate deep discounts on Russian oil which keeps oil in the global market but sharply reduces the Kremlin’s take. The way I see it, our sanctions have had a significant negative effect on Russia so far. While by some measures, the Russian economy has held up … Russia is now running…