U.S. Treasury: G7 Price Cap Has Significantly Reduced Russia’s Oil Income

The U.S.-led price cap on Russian oil exports has “significantly” cut revenues from oil sales for Russia, U.S. Treasury Secretary Janet Yellen said on Wednesday. The G7 price cap on Russian oil has “significantly reduced Russian revenue over the last 10 months while promoting stable energy markets,” Reuters quoted Yellen as saying at a news conference during the International Monetary Fund (IMF) and World Bank meetings in Morocco. The price cap of $60 per barrel of Russian crude oil set by the G7 and the EU says that Russian…