Yellen urges caution on Russian oil ban in EU, warns it could increase prices
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Treasury Secretary Janet Yellen on Thursday questioned the efficacy of a European ban on Russian oil and gas imports, warning that it could have unintended economic consequences for the U.S. and its Western allies.
Speaking to reporters following a meeting with Ukrainian Prime Minister Denys Shmyhal and Finance Minister Sergii Marchenko in Washington, Yellen cautioned that an all-out embargo on Russian energy could ultimately cause more harm than good.
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"Europe clearly needs to reduce its dependence on Russia with respect to energy, but we need to be careful when we think about a complete European ban on, say, oil imports," Yellen said.