Yellen says oil price cap has ‘significantly’ cut Russia’s revenues

U.S. 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.
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 also said the IMF’s updated outlook showed the global economy was in a better place than expected at last year’s annual meetings, but Treasury continued to monitor downside risks.
While some countries were seeing slowing growth, including China and the euro zone, Yellen said she did not see signs of any broad spillovers destabilizing the global economy.