US allies in Europe remain highly dependent on Russian oil supplies, limiting Western sanctions policy, Treasury Secretary Janet Yellen said
Janet Yellen
(Photo: Win McNamee/Getty Images)
The introduction by all Western countries of an embargo on the supply of Russian oil could lead to a rapid increase in prices for it, Treasury Secretary Janet Yellen said during a speech in the US House of Representatives. She noted that the European allies of the United States are still heavily dependent on Russian oil supplies, which limits the ability of the West.
“And we are likely to see prices skyrocket if we impose a complete ban on oil,” leads words by Yellen CNN.
Reuters reported that the EU did not agree on new sanctions against Russia
“Globally, the effects of the crisis are exacerbating economic vulnerabilities in many countries already facing higher debt burdens and limited policy space as we recover from COVID,” the Treasury Secretary said.
She recalled that Russia and Ukraine account for almost a third of the world’s wheat supplies and now supply chains are disrupted.