Ukraine’s Finance Minister Serhiy Marchenko said a potential European embargo on Russian energy would significantly raise fuel prices. He expressed support for tariffs on oil and natural gas imports as an alternative.
In an interview with The Wall Street Journal, Marchenko said an embargo would drive prices so high that Russia could still earn significant revenue from sales elsewhere. “A total embargo only gives Russia additional money because I believe the price of oil and gas will go up to huge levels,” he said.
His remarks stem from concerns raised earlier this week by US Treasury Secretary Janet Yellen.
The European Union and the US discuss how to reduce the gains Russia makes from oil and gas sales to Europe.
The Ukrainian finance minister further stated that the money raised in a potential tariff applied to Russia could be used to support Ukraine in the war.
In addition to adopting tariffs on oil and gas imports, European and US officials discussed the possibility of placing payments for Russian energy in a kind of escrow.
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