G7 to impose price cap on Russia oil: US Treasury Secy Janet Yellen
G7 Finance Ministers have agreed to impose a price cap on Russian oil, US Treasury Secretary Janet Yellen said in a statement without specifying implementation details.
By committing to finalising and implementing a price cap, the G7 will significantly reduce Russia’s main source of funding for the war in Ukraine, while maintaining supplies to global energy markets by keeping Russian oil flowing at lower prices, Xinhua news agency quoted Yellen as saying in the statement on Friday.
Today’s action will help deliver a major blow for Russian finances and will both hinder Russia’s ability to continue the fight in Ukraine and hasten the deterioration of the Russian economy, she said.
