No, it effectively creates a low pass filter in the cable.
From your other comments having the light power wires near to the phone wire there are a couple of possibles.
1. Add a ferrite core to the light cable - as near to the light as possible.
2. Try to separate the 'phone and power cables - 150mm or more.
3. Create a T section piece of cardboard, cover in aluminium foil and place that on between the cables using top of the "T" to fix it in place and even extend it under the phone cable.
It really will be a case of play around and see what works - EMI/RFI is a black art and most problems are solved by trying several different methods until a cure is found.
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