Russian Oil Ban, Ukraine War Present Risks to Global Economy, Janet Yellen Says

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Addressing CEO Council Summit, Yellen didn’t rule out that Russia could again engage with global economy if peace deal with Ukraine were reached

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“I do worry about commodity prices, I am worried about spillovers from Russia and Ukraine that can have adverse impacts not just on the US that is strongly positioned, but on Europe, on emerging markets.”

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Adding to the challenges to the global economy is the recent European Union decision to ban imports of Russian oil, she said. Oil prices jumped on Wednesday in the wake of the EU announcement.

“We need to see the conditions exactly how this is going to be accomplished because it could lead to higher global oil prices as well,” she said. “But the desire to respond to Russia’s unprovoked attack on Ukraine and to bring the war to an end is very understandable and important.”

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Sanctions on Russia have had a damaging effect on that country’s economy and the US and its allies are considering additional measures, Ms. Yellen said. But she didn’t rule out that Russia could again engage with the global economy. She said that if a peace agreement was reached, there is a path to de-escalate sanctions.

Write to Andrew Duehren at [email protected]

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Credit: www.wsj.com /

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