US assesses impact of immediate ban on Russian oil

US assesses impact of immediate ban on Russian oil

US Treasury Secretary Janet Yellen warned that the European Union's immediate withdrawal from the Russian oil could harm not only Europe itself, but the entire world.

"We need to be careful when we think about a complete European ban on [Russian] oil imports", TASS quoted her.

Yellen explained that a drastic ban on oil from Russia would lead to an increase in world prices. According to her, this would have a devastating effect both on Europe itself and on other parts of the world.

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