THE ban on imports of Russian gas and oil in Europe could boost energy prices around the world, warned today US Treasury Secretary Janet Glenncalling for European dependence on Russian energy products to be reduced but “without punishing the whole planet.”
We must be careful with the full ban on imports of (Russian) oil into EuropeSaid Glenn in a press conference today. “If we could find a way to do it, without hurting the whole planet with rising energy prices, it would be ideal and it is a question we are all trying to address together,” he added.
European countries try to reduce their dependence on oil and gas imported from Russia to punish Moscow for its invasion of Ukraine. “But this would clearly raise world oil prices, it would have ominous consequences in Europe and in other parts of the world,” Yellen said.
THE American minister reiterated that revenues from the sale of gas and oil are an important source for Russia and “it would be very useful to try to find a way to reduce them (…) This is really the goal”.
“In the case of oil and gas, the situation in Europe is very different from that in the United States. We have banned the import of Russian energy products of any kind, but we import very little from Russia. “This is not the case for Europe, which needs to reduce its energy dependence in the medium term,” he said.
On April 8, the EU decided to suspend coal imports from Russia, an embargo that will take effect in early August. In 2021, Russia supplied 30% of the crude and 15% of the oil products purchased by the EU.
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