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The Hill | Yellen: European ban on Russian energy may do more harm than good, 21 Apr Rada macro
"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.
[...]
"That would clearly raise global oil prices, it would have a damaging impact on Europe and on other parts of the world, and, counterintuitively, it could actually have very little negative impact on Russia, because although Russia might export less [to the EU], the price it gets for its exports[, of say, oil] would go up," Yellen said.
Readovka | The head of the US Treasury makes strange statements about the financing of the Armed Forces of Ukraine with Russian assets
"Proceeds from sales of oil and gas are an importantsource of income for Russia. It would be very useful to try to devise a way to reduce Russia's proceeds from those sales income," Yellen said.

"That really is the proper objective of a ban [on European purchase of, say, Russian oil]. But if we could figure out a way to do that without harming the entire globe through higher energy prices[, or, say, USD-denominated penalties added to purchase of Russian oil by "third-countries"], that would be ideal. And that's a matter that we're all trying to think through together," she continued.

archived Ukraine lobbies for cuts in Russian Nord Stream 1 gas shipments [sic]
by Cat on Thu Apr 21st, 2022 at 07:34:29 PM EST
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