US Treasury chief Janet Yellen says Russia has maintained export volumes and prices remain high despite the limits The price cap imposed on Russian oil by the G7 countries is not working as intended, US Treasury Secretary Janet Yellen said on Friday, as quoted by Bloomberg. She said market prices for crude exported from the sanctions-hit nation remain high. A $60-per-barrel price ceiling on Russian seaborne crude was introduced by the EU, G7 countries, and Australia on December 5. It prohibits Western firms from providing insurance and other services to shipments of Russian crude, unless the cargo is purchased at
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