The United States is preparing to step up Russian oil price cap enforcement measures in response to signs that the policy, aimed at limiting Moscow’s energy profits, may not be as effective as leaders had envisioned.
Yellen and the Treasury spokesperson declined to detail what specific mechanisms were being considered. Yellen’s remarks came as she traveled to Morocco to attend the annual meetings of the World Bank and the International Monetary Fund. “Despite widespread initial market skepticism around the price cap, market participants and geopolitical analysts have now acknowledged that the price cap is accomplishing both of its goals,” Treasury said in a May progress report. It has since said the cap has pushed down Russian oil and gas tax revenue by 44%.
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