https://oilprice.com/Latest-Energy-News/World-News/Yellen-Warns-EU-About-Banning-Russian-Oil.html?fbclid=IwAR2Q4Z7mvkoAtit6fb6UP4VZoyNrNnZohIHGJXS4W0-WHycED6SLQYZMT7E



Yellen Warns EU About Banning Russian Oil

By Julianne Geiger - Apr 21, 2022, 5:00 PM CDT

A full EU ban on Russian crude oil and gas imports could have unintended economic consequences for the United States and its Western allies, U.S. Treasury Secretary Janet Yellen told reporters in Washington on Thursday.

The Treasury Secretary added that such a ban could do more harm than good.

Europe does need to reduce its dependence on Russian oil and gas, Yellen said, “but we need to be careful when we think about a complete European ban on, say, oil imports.”


Europe has been under pressure to stop purchases of Russian oil and gas—an action that would cut off revenue streams for Russia, but would also starve the EU of much needed energy supplies.

Yellen’s warning follows JP Morgan’s from earlier this week that suggested a full and immediate ban in the EU on Russian energy supplies would cut off more than 4 million bpd of Russian oil and send crude oil prices to $185 per barrel.

The EU and the European Commission has been discussing an embargo on Russian crude oil, but the group is divided on the issue, with countries such as Germany strongly opposed due to its significant reliance on Russian energy supplies. Even if all EU members do agree on such a ban, it would still take months to draft and prepare, European officials said last week. The EU is already in talks with other oil-producing countries with the end goal of obtaining alternative oil suppliers so it can more readily wean itself off Russian oil supply.


Yellen agreed that a European energy ban would raise oil prices, “and, counterintuitively, it could actually have very little negative impact on Russia” because while Russia could end up exporting less oil, the price it would get for each barrel could also go up. The U.S. Administration has been railing against high gasoline prices—a result of high crude oil prices—since last Fall.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

OPEC+ Missed Its March Output Quota By 1.45 Million Bpd
JPMorgan: Immediate EU Ban On Russian Oil Could Send Prices To $185
EU In Talks With Alternative Suppliers As It Considers A Russian Oil Ban


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USA has woken up from sleep.

Russia hypersonic weapons tests has reset their minds.

Kingsnairaland:
USA has woken up from sleep.

You for leave FTC for me

Kingsnairaland:
Russia hypersonic weapons text has reset their minds.

Big Cap

Russia sef no fi open mouth threaten USA

USA the
United snakes of America.... You can see they have two faced character.

China ,India and other asian countries are laughing all the way to bank.
While stupid Europeans want to self sanction itself to poverty ,all because a two faced chameleon aka USA said so.
Talk about cutting the nose to spite the face .
Mumu

Putin is really putting alt of confusion in their midst

They don't want to sacrifice for ukraine but want ukraine to keep sacrificing their lives and infrastructure. If Zelenskyy is smart by now he should have known that he has been played

USA had their plans in place before the hasty sanctions...

This might just be a news to give Russia some ego to bank on ..

yanabasee:
USA had their plans in place before the hasty sanctions...


This might just be a news to give Russia some ego to bank on ..

There is no plan that can surpass nuclear rain on your land the only plan is to go for peace until you find a way to stop hypersonic speed weapons.


That why many military generals are saying nato is not ready for war at least now.

If there is an alternative revenue for Russia, it would stop selling gas to the EU members . Even Russia is not praying they stop buying .. oligarchs are broke , investments are down , companies have left , citizens are being locked up .. This is the only negotiation tool for the stupid general..

Here's why. Europe banning Russia's oil will lead to skyrocketing crude oil price. This will in turn affect the price of oil in the US, invariably increasing inflation. This reduces biden's already fallen rating, cementing the chance of democrats owning the congress. It's all politics for US. I wish europe can think on their own.

Kingsnairaland:
Russia hypersonic weapons text has reset their minds.

That test really shocked them back to reality..
With the enermous capabilities of the missile in question, life loving Europeans have decided to swallow their pride and respect reality...

Putin my man

Give them wotowoto

Beautiful Russia military tactic....why are the Media no longer shouting Ukraine is winning... Ukraine is winning.. Ukraine is winning... Lol...

The EU can ban Russian oil and gas but that may take the price of oil to $185 per barrel. With inflation in Europe and America at all time high....protests and riots may ensue. Russia on the other hand has increased it's oil sale to China and India ( these two nations have 1/3rd of the human population on earth). Already Chinese companies are bidding to buy out Exonmobil investment in Russian oil and gas market. Netflix is almost collapsing as it lost over 700k subscribers in Russia.
Russia asking unfriendly nations to pay for gas in Ruble has made the ruble recover quickly to pre-inavsion levels. With Ukrainian wheat gone due to war many nations will rely on Russia for food supplies...so the West cannot just behave like Kings anymore. They will need India and China to support sanctions for it to change Russia's direction in Ukraine.

Kingsnairaland:
Russia hypersonic weapons tests has reset their minds.

Small pikin talk. Ukraine also makes money from Russian gas passing through its pipeline and western cöuntries need good economies to fund their defence
and keep sending Ukraine weapons to kill the invaders.
The global system is funny but that is the way it is.

They will stop buying Russian oil but again only small pikins think such things happen in a day

Very avoidable situation.

Dialogue would have ensured there was no war in the first place.

The world doesn't revolve around the west

Blocking Russia oil favors Russia more


As oil prices will sky rocket

It is better

CrownOfClay724:
Very avoidable situation.

Dialogue would have ensured there was no war in the first place.

But zelensky

Pro-Putin looooonatics are not smart.

The West have discovered that arming Ukraine is easier and cheaper than sanctioning Russia.

At the beginning of the war, the West was apprehensive about sending heavy weapons to Ukraine hence resorting to sanctions to stop Russia.

But over the past weeks, the Ukraine's bold resistance of the Russians has emboldened them to arm Ukraine all the more.

Sanctions may now take the back seat.

I agree with your points.
I think we moving to a world of multipolar and less western centric

IgOga:
The EU can ban Russian oil and gas but that may take the price of oil to $185 per barrel. With inflation in Europe and America at all time high....protests and riots may ensue. Russia on the other hand has increased it's oil sale to China and India ( these two nations have 1/3rd of the human population on earth). Already Chinese companies are bidding to buy out Exonmobil investment in Russian oil and gas market. Netflix is almost collapsing as it lost over 700k subscribers in Russia.
Russia asking unfriendly nations to pay for gas in Ruble has made the ruble recover quickly to pre-inavsion levels. With Ukrainian wheat gone due to war many nations will rely on Russia for food supplies...so the West cannot just behave like Kings anymore. They will need India and China to support sanctions for it to change Russia's direction in Ukraine.

Opolopoopolonio:
Pro-Putin looooonatics are not smart.

The West have discovered that arming Ukraine is easier and cheaper than sanctioning Russia.

At the beginning of the war, the West was apprehensive about sending heavy weapons to Ukraine hence resorting to sanctions to stop Russia.

But over the past weeks, the Ukraine's bold resistance of the Russians has emboldened them to arm Ukraine all the more.

Sanctions may now take the back seat.

Lol so this is how you now twist it.... Was it not the same UK and USA that trained and armed the Afghanistan people yet the people they train ran away from taliban lol.


UK and USA are sisi and weak in military training .
Why do you think USA is hiding behind nato to commit crimes because it weak alone.

Na you gangan be the blithering eedhiot
read what you post.

Opolopoopolonio:
Pro-Putin looooonatics are not smart.

The West have discovered that arming Ukraine is easier and cheaper than sanctioning Russia.

At the beginning of the war, the West was apprehensive about sending heavy weapons to Ukraine hence resorting to sanctions to stop Russia.

But over the past weeks, the Ukraine's bold resistance of the Russians has emboldened them to arm Ukraine all the more.

Sanctions may now take the back seat.

hayzed19:
Na me gangan be the blithering eedhiot
I will read what you posted again

No wahala

Kingsnairaland:


Lol so this is how you now twist it.... Was it not the same UK and USA that trained and armed the Afghanistan people yet the people they train ran away from taliban lol.


UK and USA are sisi and weak in military training .
Why do you think USA is hiding behind nato to commit crimes because it weak alone.

Afghan forces may have been ex-Taliban fighters and still sympathetic to the Taliban.

US is NATO. Takeaway US and NATO is dead.

Opolopoopolonio:


Afghan forces may have been ex-Taliban fighters and still sympathetic to the Taliban.

US is NATO. Takeaway US and NATO is dead.

Any military man can tell you he who controls the sky wins the war...
.

What need will the training achieve when Russia will end up bombing them..

You need to watch what air strikes do.

Kingsnairaland:


Any military man can tell you he who controls the sky wins the war...
.

What need will the training achieve when Russia will end up bombing them..

You need to watch what air strikes do.

Who told you Russia controls the skies of Ukraine Also nobody ever wins from the skies.

"EKONGKING post" China ,India and other asian countries are laughing all the way to bank.
While stupid Europeans want to self sanction itself to poverty ,all because a two faced chameleon aka USA said so.
Talk about cutting the nose to spite the face .
Mumu



Those countries mention above(China,India and other Asian countries) taught carefully and refused to impose any panick ban on Russia's oil and gas because there citizens priority comes first unlike the europeans who in trying to do the biddings of the USA went ahead imposing sanctions on coal, and are considering baning oil and gas as well thereby causing hardship to there citizens back at home( acting without thinking) , Now that the USA have "backtrack" and warn them not to ban russian oil and gas after all threats,just like zombies I believe the europeans Would now
shamefully obey , when we talk to people about the power USA wields and controls the EU like a chess pawn alot of people due to emotions dont normally see beyond there deceptions, european countries like serbia is been critized for choosing to remain neutral, nah by force to join unah ban russian ??, imagine making the europeans looking like JOKE after urging them to ban Russian oil and gas and now backttraking, after all the threats

The things we do for power, lmao, part 2