US offi cials are continuing to push against criticisms on the impacts of the G7 price cap on Russian exports of crude oil and refi nedproducts, with a US Treasury offi cial Thursday saying there are “clear signs” that the price cap is working six months into the policy. Russia was already selling its crude at deep discounts before the price caps were introduced in order to lure willing buyers, such asIndia and China, and the nation's revenues have plunged by 50% versus the same period of 2022 — though Western sanctions haveplayed a big role. Meanwhile, US offi cials and allies have touted the price cap strategy's success in depleting Russian revenues.
展开▼
