Yellen Concerned About Evasion of Russia Oil Cap While Prices Climb
- Comments are first time US has conceded impact may be fading
- Russia has kept export volumes and prices high despite limits
Janet Yellen.
Photographer: Bing Guan/BloombergThis article is for subscribers only.
Treasury Secretary Janet Yellen said that recent market prices for Russian oil suggest that the Group of Seven’s price cap is no longer working as hoped, her first such public acknowledgment of challenges with the program.
“It does point to some reduction in the effectiveness of the price cap,” Yellen told reporters while on a visit to Savannah, Georgia, when asked about reports that prices for Russian crude are now closer to $100 a barrel than to the $60 set in the cap.