Russia’s war in Ukraine is hitting Africans particularly hard by exacerbating food insecurity and putting an unnecessary drag on the continent’s economy, U.S. Treasury Secretary Janet Yellen said in Senegal’s capital Dakar on Friday. Yellen said ending the war would be the best thing to help the global economy, but the Treasury 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.
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