Russian Oil Price Cap Could Save Africa Billions: Yellen

U.S. Treasury Secretary Janet Yellen has estimated that a Group of Seven-led price cap on Russian crude oil and refined products to limit Russia's revenues could save the 17 largest net oil-importing African countries $6 billion annually. Speaking at a co-working space that helps women and young entrepreneurs in Dakar, Senegal on Friday, Yellen said Russia's war against Ukraine is hitting Africans particularly hard by exacerbating food insecurity and putting an unnecessary drag on the continent's economy.