US Treasury reaffirms efforts to stabilise global energy prices, improve food security in Africa

US Treasury Secretary Janet Yellen says the US government and its partners are leading efforts to stabilise global energy prices by introducing a cap on the price of Russian oil, which should help mitigate further price shocks on emerging economies and reduce Russian revenues.

While the policy is in the early stages of implementation, the US Treasury estimates it could result in about $6-billion in yearly savings for the 17 largest net oil-importing African countries.