Treasury Secretary Janet Yellen questioned the effectiveness of a European ban on Russian oil and gas imports, warning that it could have unintended economic consequences for the US and its Western allies, Fox News reports.
US doubts effectiveness of European embargo on Russian energy
STEPANAKERT, APRIL 22, ARTSAKHPRESS: Yellen warned that a total embargo on Russian energy could end up doing more harm than good.
Europe clearly needs to reduce its dependence on Russia for energy, but we need to be careful when it comes to a total European ban on, say, oil imports, Yellen said.
Yellen argues that if the EU continues with its plans to phase out energy imports from Russia, European countries will almost certainly face much higher prices for oil, coal and gas.
“his will clearly raise world oil prices, have a devastating effect on Europe and other parts of the world and, contrary to common sense, may actually have a very small negative impact on Russia, because although Russia may export less, but its export earnings grow up, Yellen said.
