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Oil Price Cap On Russian Oil Will Benefit Emerging Markets, Help Constrain Putin’s Finances: US


Europe needed to set the discounted price that other nations will pay by Monday when an EU embargo on Russian oil shipped by sea and a ban on insurance for those supplies take effect.

“The price cap will encourage the flow of discounted Russian oil onto global markets and is designed to help protect consumers and businesses from global supply disruptions,” US Treasury Secretary Janet Yellen said on Friday.


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