Latest effort to starve Russian military of revenue

(LaPresse) U.S. Treasury Secretary Janet Yellen urged leaders of major economies to support a cap on Russian oil exports to counter economic shocks from Moscow’s invasion of Ukraine. Yellen sought support for a cap on Russian oil prices that could help keep energy costs in check and alleviate decades-high inflation in many countries. Oil prices have skyrocketed, in part because of the war in Ukraine, driving up energy costs that accounted for about half of the increase in inflation seen in June in U.S. consumer prices (9.1 percent annually), Yellen noted. This would be the latest effort to starve the Russian military of revenue, in addition to the thousands of sanctions already imposed on Russia to punish it for the invasion.

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