Janet Yellen: Price cap will further constrain Russian President Vladimir Putin's finances

The price cap will further constrain Russian President Vladimir Putin's finances and limit the revenues he's using to fund his brutal invasion, US Treasury Secretary Janet Yellen said in a statement, Report informs via BBC.

"With Russia's economy already contracting and its budget increasingly stretched thin, the price cap will immediately cut into Putin's most important source of revenue," she said.

The cap, approved by Western allies on Friday, is aimed at stopping countries paying more than $60 (£48) for a barrel of seaborne Russian crude oil.