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US Treasury Secretary Janet Yellen warned that a complete ban on Russian oil would cause considerable ‘pain’ to consumers around the world.
“The problem with blocking oil exports from Russia is that many countries, especially in Europe, are very dependent on that oil and that would lead to higher prices,” Yellen said.
Meanwhile, the leaders of the oil company vowed during the hearing on Wednesday that they would quickly intervene to sever ties with Russia and protect their investments in the country.
The EU is expected to say goodbye to gas supplies from Moscow by 2027, thanks to storage, joint purchases and an internal network. Already the eyes are on US supplies.
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