The oil price cap policy is cutting Russia’s revenue, a senior official at the US Treasury has maintained.

Speaking at the Center for a New American Security (CNAS), Wally Adeyemo, deputy secretary of the treasury, said yesterday: “In just six months, the price cap has contributed to a significant decline in Russian revenue at a key juncture in the war. Now, Russia is considering a desperate series of changes to its tax policy that would institutionalise the deepening discount on Russian oil.”