Russias energy embargo would raise oil prices Ukraine warns

Russia’s energy embargo would raise oil prices, Ukraine warns

Finance Minister of Ukraine Serhiy Marchenko said a possible European embargo on Russian energy would significantly increase fuel prices. As an alternative, he advocated tariffs on oil and natural gas imports.

In an interview with the Wall Street Journal, Marchenko said an embargo would drive prices so high that Russia could still earn significant revenue from sales elsewhere. “A total embargo only gives Russia extra money because I believe oil and gas prices will rise to tremendous levels,” he said.

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His comments follow concerns raised by US Treasury Secretary Janet Yellen earlier this week.

The European Union and the US are discussing how to reduce the profits Russia makes from oil and gas sales to Europe.

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Ukraine’s finance minister went on to say that the money raised by a possible tariff on Russia could be used to support Ukraine in the war.

In addition to enacting tariffs on oil and gas imports, European and US officials have been discussing the possibility of putting payments for Russian energy into some sort of escrow account.

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