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Yellen Says Oil Sanctions Denting Russian Revenue

OIL

EU sanctions and the G7 price cap have significantly reduced the Kremlins revenue according to Janet Yellen earlier today speaking at an event in India.

  • "We've continued to see emerging markets negotiate deep discounts on Russian oil which keeps oil in the global market but sharply reduces the Kremlin's take," she said.
  • "The way I see it, our sanctions have had a significant negative effect on Russia so far. While by some measures, the Russian economy has held up … Russia is now running a significant budget deficit," she added.

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