WASHINGTON: U.S. Treasury Secretary Janet Yellen said that a price cap on Russian oil agreed by Group of Seven (G7) finance ministers on Friday would help fight inflation while delivering a blow to Moscow’s ability to finance its war in Ukraine.

The price cap helps achieve “our dual goals of putting downward pressure on global energy prices while denying Putin revenue to fund his brutal war in Ukraine,” Yellen said in a statement.

Yellen ‘optimistic’ on deal to set price cap on Russian oil