Yellen: Oil cap to make Russia choose war or economy

Janet Yellen, United States Treasury Secretary

© APA | Janet Yellen, United States Treasury Secretary

# 04 February 2023 03:10 (UTC +04:00)

United States Treasury Secretary Janet Yellen said on Friday in a statement that the latest move regarding the price ceiling on seaborne Russian refined oil products will force Russian President Vladimir Putin to "choose between funding his brutal war or propping up his struggling economy," APA reports citing Teletrader.

She praised the G7 price cap coalition adding that "today’s agreement builds on the price cap on Russian crude oil exports that we set in December and helps advance our goals of limiting Russia’s key revenue generator in funding its illegal war."

Yellen underlined that Russian officials have already admitted the price cap has affected "their most important source of revenue" and hit Moscow's "troubled fiscal outlook." She noted that the global energy market proceeds to be "well-supplied" and that crude importers are using these measures "to drive steep bargains on Russian oil imports."