A planned Western price cap on Russian oil is already making a difference, U.S. Treasury Secretary Janet Yellen said this week, noting that Russia was now offering China and India “enormous discounts” while looking for other outlets for its oil.

In December, Europe would halt the bulk of its purchases of 3 million barrels per day, putting additional pressure on Russia to find new buyers for its oil, Yellen told a conference hosted by The Atlantic magazine.

Europe was facing a tough winter with tight energy supplies as it decoupled from Russian energy, Yellen said. She said that could have some spillover effects on the United States, but she “wouldn’t exaggerate” the potential impact on U.S. growth.
Source: Reuters (Reporting by Andrea Shalal; Editing by Leslie Adler)