YELLEN: G7 PRICE CAP ON OIL HAS ‘SIGNIFICANTLY REDUCED RUSSIAN REVENUE’

Wed 11 October 2023:

The US Treasury secretary, Janet Yellen, on Wednesday said a G7-led price cap on Russian oil had sharply reduced Russian revenues over the past 10 months, and that it was critical to keep imposing severe and increasing costs on Russia over its war in Ukraine.

Reuters reports she added that global energy prices have been largely unchanged while Russia has had to either sell oil at a significant discount or spend huge amounts on its alternative ecosystem.

“We cannot allow our support to Ukraine to be interrupted,” she said. “The Biden administration – with the support of a bipartisan majority of the US Congress and the American people – will work so that Ukraine receives the assistance it needs to win this war.”

Yellen, who was speaking at the annual meetings held by the International Monetary Fund and the World Bank in Marrakech, said the Biden administration would also keep working to mitigate the impacts of Russia’s war in Ukraine, including on food security, while working with a global coalition to deprive Russia of the funding it needs to wage the war.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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