Yellen Suggests G-7’s Russian Oil Price Cap Is Losing Its Sting

Treasury Secretary Janet Yellen said that recent market prices for Russian oil suggest that the Group of Seven’s price cap is no longer working as hoped, her first such public acknowledgment of challenges with the program.

“It does point to some reduction in the effectiveness of the price cap,” Yellen told reporters while on a visit to Savannah, Georgia, when asked about reports that prices for Russian crude are now closer to $100 a barrel than to the $60 set in the cap.

The restriction is one of the sweeping financial penalties imposed over Russia’s 2022 invasion of Ukraine. Despite ...