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Tags: russian oil price cap | ukraine war sanctions

Yellen: Russia Oil Price Cap Limiting Its Revenues

Yellen: Russia Oil Price Cap Limiting Its Revenues
Russia President Vladimir Putin congratulates all Orthodox Christians and all Russians celebrating Christmas on Jan. 2, 2023. (Photo by The Kremlin via AP)

Tuesday, 10 January 2023 02:15 PM EST

U.S. Treasury Secretary Janet Yellen said on Tuesday that the price cap on Russian oil imposed by Western countries in December so far appeared to be achieving its goals of keeping Russian oil on the market while limiting Russia's revenues.

"While the crude oil price cap has only been in effect for around a month, we have already seen early progress towards both of those goals, with senior Russian officials having admitted that the price cap was cutting into Russia's energy revenues," Yellen said at the start of a meeting with Canadian Finance Minister Chrystia Freeland.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
U.S. Treasury Secretary Janet Yellen said on Tuesday that the price cap on Russian oil imposed by Western countries in December so far appeared to be achieving its goals of keeping Russian oil on the market while limiting Russia's revenues.
russian oil price cap, ukraine war sanctions
96
2023-15-10
Tuesday, 10 January 2023 02:15 PM
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