The treasury secretary pledged to increase economic assistance to Ukraine by $10 billion at the G-20 in India.
NEW DELHI — U.S. Treasury Secretary Janet L. Yellen said Thursday that U.S. and European Union moves to cap the price on Russian oil have significantly reduced the Kremlin’s revenue.
“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.Yellen pledged an additional $10 billion in economic support to Ukraine, besides the $45 billion assistance approved by Congress in December.
While Yellen boasted on Thursday that the price caps had dented Russia’s war chest, Western-led sanctions and other penalties have been offset by countries that have ramped up their economic ties with Russia, particularly by taking advantage of discounted prices for Russian oil but also by selling microchips and other necessities Russia can no longer buy from the West.
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