Western economies agreed new price caps on Friday on Russia's exports of oil products that U.S. Treasury Secretary Janet Yellen said would build on the crude oil cap set in December and further limit Russian oil revenues while keeping global energy markets supplied.
The move followed the coalition's Dec. 5 banning of the use of Western-supplied maritime insurance, finance and brokering for seaborne Russian crude oil priced above $60 per barrel.
Yellen said global energy markets had remained well-supplied and public reports indicated that oil importers such as China and India were using the price cap to "drive steep bargains" on Russian oil.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Western sanctions push Russia's energy revenues to lowest since 2020Russia's monthly budget revenues from oil and gas fell in January to their lowest level since August 2020 under the impact of Western sanctions on its most lucrative export, Finance Ministry data showed on Friday.
Read more »
‘It has started’: Russia prepares new Ukraine offensive as western allies approve more weapons“I think that Russia really wants some kind of big revanche. I think it has started it. And I think that they will not be able to provide their society with any convincing positive result in the offensive,” Ukrainian President Volodymyr Zelensky said.
Read more »
You Can Still Buy a New Rolls-Royce in Russia, Nearly a Year After Sanctions HitThe company has officially left Russia, but the country has proven adept at dodging Western sanctions.
Read more »
Wet and windy Friday afternoon aheadA storm system will push through Western Washington Friday bringing rain, gusty wind, and mountain snow. FOX13
Read more »
NATO urges Russia to respect its nuclear treaty, which Russia suspended when the US supported UkraineNATO is urging Russia to comply under the New START Treaty, which enforces an expansion limit on nuclear weapons. Russia suspended the treaty when the U.S. supported Ukraine in the war.
Read more »
Ice covers western parts of Travis, Williamson CountiesCentral Texas first responders had another busy day Wednesday due to wintry weather conditions.
Read more »