MARRAKECH (Morocco), Oct 11 — US Treasury Secretary Janet Yellen today said a G7-led price cap on Russian oil had sharply reduced Russian revenues over the past 10 months, and...
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The war in Ukraine remained a major headwind for the global economy, she said in remarks prepared for a news conference on the sidelines of the International Monetary Fund and World Bank meetings in Marrakech, Morocco. Yellen condemned Saturday’s attack on Israel by Hamas gunmen from the Gaza Strip, the deadliest Palestinian militant attack in Israel’s history, but her prepared remarks did not touch upon its potential impact on the global economy.
Yellen 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. The Group of Seven countries imposed sanctions in December that prohibit shippers or insurers domiciled in G7 countries from offering services to facilitate Russian oil exports when the price is above $60 a barrel. The sanctions do not apply to shippers or insurers from other countries, regardless of the price. Critics say Russia is circumventing the cap by using a “ghost fleet” of older tankers.
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