Russia’s oil ban costs Britain £70 billion

The impact is still huge, even though Britain is no longer a member of the bloc.

The warning was issued by British Finance Minister Rishi Sunak yesterday, after British Prime Minister Boris Johnson urged Western allies to impose a ban on imports of Russian hydrocarbons.

Mr. Sunak said an immediate EU ban would push economies across Europe into recession, including the UK. He estimates the UK economy will immediately lose between £70-75 billion, or about 3% of gross domestic product (GDP).

The UK is currently struggling to deal with a cost-of-living crisis amid soaring inflation rates and rising food and petrol prices.

* Invite readers to watch programs broadcast by Vietnam Television on TV Online and VTVGo!