Turkey warns of ‘disastrous consequences’ from Russia sanctions
Washington’s decision to cut off oil exports from Russia will have disastrous consequences for the global energy market, Turkey’s Deputy Minister of Energy and Natural Resources said this week.
According to the Turkish official, while the global economy is recovering from a recession caused by the Covid-19 pandemic, an increase in oil production is needed – not an order banning oil and gas imports from Russia into the US.
Staggering inflation and supply-chain disruptions have already made gas prices in the US skyrocket, approaching a record-high $5 per gallon.
The ban on Russian petroleum products, which amount to 8% of all US oil imports, will likely make the prices climb even higher.
