Russian Energy Embargo Would Raise Oil Prices, Ukraine’s Finance Minister Warns

WASHINGTON—Ukrainian Finance Minister Sergii Marchenko mentioned a likely European embargo on Russian power would substantially elevate selling prices, lending his assistance to possibilities like a tariff on oil-and-fuel imports from Russia.

Mr. Marchenko mentioned in an interview with The Wall Street Journal that an embargo would elevate selling prices so higher that Russia could nonetheless earn major income from oil and gasoline revenue somewhere else. His remarks echo issues lifted before in the week by Treasury Secretary Janet Yellen as the European Union and U.S. focus on how to lower the really hard forex Russia derives from oil-and-gas gross sales to Europe.

“A total embargo only presents Russia additional dollars mainly because I feel that the value of oil and gas will surge to huge degrees,” Mr. Marchenko stated. “This is why they try to use additional refined resources like taxation.”

Mr. Marchenko mentioned in the job interview that revenue gathered on a prospective tariff could be made use of to support Ukraine in the war hard work and that he comprehended the EU may not go after a total embargo. In addition to inserting a tariff on oil-and-fuel imports, European and U.S. officers have talked about the chance of inserting payments for Russian electricity in escrow.

“As extended as they concur on some thing that’s better for us because time is so crucial for us. A quick determination can help us earn this war,” he explained.