A Group of Seven cap on the price of Russian oil is successfully choking off the nation’s access to petrodollars, the US Treasury Department said, a day after Moscow acknowledged “problems” with government revenue. The measures, a reaction to the invasion of Ukraine, have cut the Kremlin’s oil earnings in the first quarter by more than 40% from a year ago, the Treasury said in a report Thursday, citing Russian finance ministry data. “The price cap policy is a novel tool of economic statecraft,” the Treasury, led by Janet Yellen, said in the report. “This restriction has worked to limit Russia’s ability to profit from ... (full story)