US Treasury Secretary Janet Yellen said that recent Russian oil prices show that the price ceiling imposed by the G7 in 2022 is not working as well as hoped.
This is the first time the US has admitted that the measures it has put in place have not been that effective. Banning Western countries from providing transport, insurance and other services to oil exporters who sell oil above the ceiling price has failed to strangle Russia’s economy. Russia still exports oil in large volumes and at high prices despite the restrictions, Bloomberg writes.