Energy prices have been stable globally due to Western allies allowing Russian oil to flow, but efforts to restrict Moscow's profit have faltered.
Russia's shadow tanker fleet has helped it bypass the price cap, making its economy more resilient than anticipated under G7 sanctions.
The Biden administration defends the strategy, stating the price cap has imposed costs on Russia, hampering its ability to finance actions in Ukraine.
Treasury Secretary Janet Yellen emphasizes the effectiveness of the cap by highlighting the high costs Russia faces in shipping oil to China and India.
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