Janet Yellen says a European ban on Russian oil would do LITTLE to deter Putin will cause soaring energy prices

Biden's Treasury Secretary Janet Yellen says a European ban on Russian oil would do LITTLE to deter Putin and would do more harm by sending global energy prices even higher

• Yellen said that Europe did need to reduce its dependence on Russian oil but an outright ban would be more damaging to Europe than Russia
• 'That would clearly raise global oil prices, it would have a damaging impact on Europe and on other parts of the world'
• 'It could actually have very little negative impact on Russia, because although Russia might export less, the price it gets for its exports would go up,' Yellen said
• Russia provided roughly 27 percent of crude oil, 47 percent of coal and 41 percent of natural gas imported by the E.U. in 2019
• Last month under intense pressure, President Biden announced the U.S. would cease Russian oil imports 

#Biden #Energy #Oil