Yellen Warns EU About Banning Russian Oil Yellen’s warning follows JP Morgan’s from earlier this week that suggested a full and immediate ban in the EU on Russian energy supplies would cut off more than 4 million bpd of Russian oil and send crude oil prices to $185 per barrel.
The EU and the European Commission has been discussing an embargo on Russian crude oil, but the group is divided on the issue, with countries such as Germany strongly opposed due to its significant reliance on Russian energy supplies. Even if all EU members do agree on such a ban, it would still take months to draft and prepare, European officials said last week. The EU is already in talks with other oil-producing countries with the end goal of obtaining alternative oil suppliers so it can more readily wean itself off Russian oil supply.