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US warns Russia energy sanctions could have consequences for Europe

The US warned that Russian energy sanctions could have consequences for Europe - Photo 1.

US Treasury Secretary Janet Yellen – Photo: REUTERS

“In the medium term, Europe clearly needs to reduce its dependence on Russia on energy, but we need to be cautious when thinking about Europe’s total ban on oil imports.” Financial Times quoted Ms. Yellen as saying at a press conference in Washington on April 21, US time.

Minister Yellen said that the European embargo on Russian oil would escalate global oil prices and negatively affect economies in the region as well as elsewhere in the world. Meanwhile, she believes that the ban will not affect Russia’s finances because even if its exports are reduced, the country will still benefit from higher oil prices.

According to Yellen, what the West needs to focus on is limiting Russia’s profit from selling oil and gas. “That would be ideal if we could find a way to do it without harming the globe with rising energy prices,” she said.

The US itself has completely banned the import of energy from Russia as well as limited investment in the energy sector of Moscow.

But the measure won’t have as big of an impact on the US economy as it does in Europe, and Washington officials say it won’t force allies to do the same.

About 45% of European Union (EU) gas imports come from Russia, and countries in the region are seeking to expand sanctions against Moscow, including embargoes on its gas and oil.

The International Monetary Fund (IMF) this week warned that the Russia-Ukraine conflict would weigh heavily on economic growth in the eurozone and lowered its growth forecast for the eurozone this year to 2. 8%, down significantly from the 3.9% forecast in January 2022.

Pierre-Olivier Gourinchas, chief economist of the IMF, said the main risk to Europe’s growth is that increased sanctions on Russia, specifically the gas embargo, could cause “quite a delay” serious” in the short term in countries like Germany.

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