Ukrainian Finance Minister Sergiy Martchenko today called for a full international embargo on Russian oil and gas over Moscow’s invasion of Ukraine.
Marchenko told an online news conference that Ukraine was finding it difficult to balance its budget after 10 weeks of war, adding that as finance minister he could not be satisfied with the speed with which foreign aid was reaching. .
Speaking about “insufficient sanctions imposed”, he said that the high price of oil and gas means that Moscow has a budget surplus and “feels quite comfortable”.
“The main issue is a complete embargo on the gas and oil market by the Russian Federation. This is something that needs to be done and the Ukrainian authorities are actively working on,” he said. “This will make it possible to remove the possibility of financing the war.”
Economic measures imposed by Washington and its European allies have curtailed Russia’s $ 1.8 trillion economy, and billions of dollars in military aid have helped Ukraine thwart Russia’s invasion effort.
However, in an obvious rift in the western part of the country, Hungarian Prime Minister Viktor Orban said today that his country could not support in its current form the proposed new European Union sanctions package, which includes an oil embargo.
Regarding the state budget, the Minister of Finance of Ukraine said: “We are not actually balancing the budget now because, unfortunately, our revenues at the moment, cover only 54% of our expenditures, excluding military expenditures.”
Source: AMPE
Source: Capital
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