The US authorities are manifesting remarkable persistence. Analysts reckon that the government is denying the obvious. Recently, US Treasury Secretary Janet Yellen refused to acknowledge the failure of the price cap mechanism on Russian oil. On the contrary, she still affirms its efficiency. "No, the price cap on Russian oil has not failed," the policymaker claims. Janet Yellen made this statement delivering a speech in the House of Representatives.

According to the Treasury Secretary, the restriction on trading Russian crude oil "worked well during the first year after sanctions were imposed by the US and its Western allies." During her speech, Janet Yellen engaged in a debate with Congressman Andy Barr, who underscored the Biden administration's failure to curtail Russia's oil revenues.

However, the Treasury Secretary insisted on her viewpoint, asserting that she has "always been open about the fact that the price cap mechanism pursues two goals: curbing Russia's oil revenues and maintaining adequate supplies to the global oil market."

The Western oil restrictions against Moscow entered into force on December 5, 2022. As a result, the European Union stopped accepting Russian crude delivered by sea, while Australia and the G7 countries imposed a price cap on seaborne oil at $60 per barrel. In response, Russian President Vladimir Putin issued a decree banning the supply of crude oil to foreign buyers from February 1, 2023, if contracts directly or indirectly imply the price cap mechanism.

The Russian authorities have reiterated that the country will cope with the sanctions pressure exerted by the US and its allies. The Kremlin noted that Western countries "lack the courage to acknowledge the failure of sanctions against Russia." Meanwhile, some US and Western experts have expressed their opinions that anti-Russian sanctions have proven inefficient. Previously, Moscow claimed that the imposed restrictions "dealt a serious blow to the entire global economy."