"As I see it, our sanctions have had a very significant negative effect on Russia so far [...] Russia is now running a significant budget deficit," Ms Yellen said ahead of a G20 meeting in India.
Moscow "is having great difficulty, because of our sanctions and our export controls, in obtaining the necessary equipment to restock ammunition and [...] repair the 9,000 tanks that have been destroyed because of the war “, underlined Ms. Yellen in front of the press in Bangalore (south).
"The price cap that we have imposed on Russian oil clearly and significantly reduces Russia's income," said the Treasury Secretary.
The United States, the European Union and their allies have imposed drastic sanctions against Russia since its invasion of Ukraine, hitting at the highest levels of the Russian state, as well as its industry, banks and oil sector. .
At the beginning of February, the European Union capped the prices of Russian petroleum products transported by ship.
Russian President Vladimir Putin, "thought to achieve a victory at minimal cost (...) a year later, Mr. Putin's war is a strategic failure for the Kremlin", added Ms. Yellen.
The Treasury Secretary also estimated that the world economy was "in a better position" than a few months ago despite the consequences of the war in Ukraine and the Covid-19 pandemic.
"The challenges we face are real and the future is still uncertain, but the outlook has improved," Yellen said.
The International Monetary Fund (IMF), which last month revised upwards its forecast for global growth for 2023, now expects 2.9% this year, against 2.7% initially.
© 2023 AFP