The US Treasury compared the risks of a ban on energy resources for the EU and Russia

A complete ban on the supply of Russian energy resources may have an insignificant effect on the Russian economy, while such a decision threatens Europe with serious damage, said the HEAD of the US TreasuryJanet Yellen

A complete EU ban on Russian energy supplies is unlikely to have a significant impact on the Russian economy, and could cause serious damage to Europe, said US Treasury Secretary Janet Yellen, The Hill reports.

She noted that it is extremely important for the EU to reduce dependence on Russian oil, gas and coal, which remain the main energy resources for Europe and a source of funds for the Russian authorities.

“Europe clearly needs to reduce its dependence on RUSSIA for energy, but we need to be careful when we think about a total European ban on, say, oil imports,” Yellen said.

According to her, if such a ban is introduced, the EU will have to pay much more for oil , gas and coal from other countries, which will be able to increase their prices for these resources.

“This will clearly raise world oil prices, have a devastating effect on Europe and other parts of the world, and, contrary to common sense, may have a very small negative impact on Russia, since it can EXPORT less, but export earnings will grow,” said the head of the US Ministry of Finance.

The Austrian Ministry of Finance rejected the gas embargo with the phrase "no choice" Politics

Washington in March banned the import of oil and gas from Russia and continues to discuss with Brussels possible restrictions on Russian energy from the EU. According to BLOOMBERG sources, three main options are now being considered: imposing an embargo, setting a price cap, and creating a “payment mechanism to retain revenue.” The interlocutors of the agency note that the final decision on any restrictions on the import of Russian energy resources remains with the EU.

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The discussion of a possible ban on the supply of oil and gas from Russia comes after the start of the Russian special operation in Ukraine. The Baltic countries are in favor of an oil embargo and have already refused to purchase gas from Russia. Other EU members, including those highly dependent on Russian supplies - Austria, Germany and Hungary - are against such restrictions.

See also EU and Britain disagree on sanctions against Russian energy carriers 00:45

Russia is the largest supplier to the EU, providing 40% of gas, more than a quarter of oil imports and almost half of all coal supplies. So far, the EU has imposed restrictions only on the supply of Russian coal as part of the fifth package of sanctions against Moscow.