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Russian oil price cap is working, US Treasury says in new report

( May 18, 2023, 14:58 GMT | Official Statement) -- MLex Summary: The US Treasury Department released a progress report that underscores the price cap on Russian oil’s success in achieving its dual goals: reducing Russia’s revenue and keeping the global energy market stable. According to the Russian Ministry of Finance, federal government oil revenues for the first three months of 2023 were more than 40 percent lower than a year prior, the report said.Statement and report follow below:...

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