US Treasury Secretary acknowledges the effects of the Russian oil embargo on the West

Young Journalists Club | Latest news of Iran and world

News ID: 56670
Publish Date: 15:51 - 22 April 2022
Friday, 22 April 2022 (YJC)_ The US Treasury Secretary said a complete ban on EU oil and gas imports from Russia would have unintended economic consequences for the United States and its Western allies, with little negative impact on Russia.

US Treasury Secretary acknowledges the effects of the Russian oil embargo on the WestUS Treasury Secretary Janet Yellen told reporters, quoting Oil Price, that a complete ban on EU oil and gas imports from Russia would have unintended economic consequences for the United States and its Western allies.

He added:
Such a ban could further damage goods.

"Europe must reduce its dependence on Russian oil and gas," Yellen said. "But we have to be careful when we talk about a complete ban on oil imports by the European Union."

Europe is under pressure to stop buying oil and gas from Russia; A move that cuts off Russia's revenue flow but deprives the European Union of the energy it needs.

Yellen's remarks came after US Bank of JP Morgan predicted that more than 4 million barrels of oil would fall to $ 185 million a barrel if Russian oil and gas were completely sanctioned.

The European Union and the European Commission are discussing sanctions on Russian oil, but there is disagreement among the group, and countries such as Germany are strongly opposed to the move because of its heavy dependence on Russian energy supplies.

Tags
Your Comment
Name:
Email:
* Comment:
* captcha: