Yellen: Europe's total ban on Russian energy or damage to the global economy ultimately "does more harm than good"

U.S. Treasury Secretary Janet Yellen warned Thursday (April 21) that a total ban on Russian energy in Europe could cause further harm to the global economy and would ultimately do more harm than good. She argued that the U.S. and its allies should find a way to cripple revenues from Russian energy sales without completely cutting off key energy supplies to Europe.

"When it comes to energy, Europe clearly needs to reduce its dependence on Russia. But we need to be cautious when we consider a total ban on oil imports in Europe." Yellen said at a news conference in Washington, D.C., on Thursday (April 21).

"Such a move would clearly push up global oil prices, with devastating effects on Europe and the rest of the world, and it would probably have rather little negative impact on Russia, because while Russian exports might be reduced, the price of exports would rise." Yellen said.