US Treasury sees price upside risk with full Russian oil embargo US

The introduction by all Western countries of an embargo on the supply of Russian oil could lead to a rapid increase in prices for it, Treasury Secretary Janet Yellen said during a speech in the US House of Representatives. She noted that the US European allies are still heavily dependent on Russian oil supplies, which limits the ability of the West.

“And we will probably see prices skyrocket if we impose a total oil ban,” Yellen was quoted as saying by CNN.

“Globally, the effects of the crisis are exacerbating economic vulnerabilities in many countries already facing higher debt burdens and limited policy space as we recover from covid,” the Treasury Secretary said.

She recalled that Russia and Ukraine account for almost a third of the world's wheat supplies and now supply chains are disrupted.