US warns Europe: Complete energy embargo on Russia slows economic growth

According to IRNA from the Financial Times, US Secretary of the Treasury Yellen at a press conference in Washington, DC on Thursday called on Europe to be careful in imposing a complete ban on Russian energy imports.

“In the medium term, Europe clearly needs to reduce its dependence on Russia for energy, but we must be careful when we think of a complete ban on oil imports from Europe,” he said.

The US Treasury Secretary said that the immediate EU ban would clearly increase global oil prices and have a devastating effect on Europe and the rest of the world.

Yellen went on to suggest that the focus of the Western allies should instead be on trying to reduce revenues from oil and gas sales to Russia.

The US Treasury Secretary was speaking as EU members considered a ban on Russian oil imports, as eight weeks after the invasion of Ukraine, Western media claimed evidence of Russian forces committing crimes against civilians.