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

WASHINGTON—Ukrainian Finance Minister Sergii Marchenko mentioned a opportunity European embargo on Russian strength would significantly elevate selling prices, lending his guidance to alternate options like a tariff on oil-and-gasoline imports from Russia.

Mr. Marchenko claimed in an job interview with The Wall Street Journal that an embargo would raise selling prices so large that Russia could continue to gain significant income from oil and gas product sales in other places. His remarks echo worries raised earlier in the week by Treasury Secretary Janet Yellen as the European Union and U.S. examine how to lower the difficult forex Russia derives from oil-and-gas sales to Europe.

“A entire embargo only gives Russia more cash because I consider that the value of oil and gasoline will surge to enormous amounts,” Mr. Marchenko mentioned. “This is why they consider to use extra complex equipment like taxation.”

Mr. Marchenko reported in the interview that revenue collected on a possible tariff could be made use of to guidance Ukraine in the war effort and hard work and that he understood the EU may not go after a complete embargo. In addition to placing a tariff on oil-and-gasoline imports, European and U.S. officers have talked over the chance of positioning payments for Russian power in escrow.

“As prolonged as they agree on a little something that is better for us since time is so critical for us. A quickly decision can aid us gain this war,” he stated.