“An immediate EU-wide embargo on Russian oil and gas imports would send economic shock waves across Europe and would cause at least £70bn of damage to the British economy”, said the UK Chancellor of the Exchequer, Rishi Sunakaccording to the Financial Times (FT).
His warning comes after Prime Minister Boris Johnson urged Western allies to follow the example of the United Kingdom and the United States and ban imports of Russian hydrocarbons.
At the same time, the The UK announced it would cut all Russian oil imports to zero by the end of the year, but has yet to make its position on Russian gas clear..
The EU did not do the same and, instead, unveiled a plan to cut Russian gas imports by two-thirds within a year. But last week, more than 100 MEPs signed a letter calling for the immediate entry into force of an EU ban, despite the huge dependence of countries like Germany on Russian imports.
Sunak is already struggling to tackle a looming cost of living crisis, including inflation and higher food and petrol prices, with rising energy prices alone imposing a £38bn burden on consumers. homes by the end of the year.
Source: Fx Street
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