Ukraine’s finance minister has called for a complete embargo on Russian energy
Sergeii Marchenko said although he did not think it would necessarily end the war, it would make it harder for Russia “to finance their military needs”.
He said the invasion of Ukraine had pushed up energy prices, tipping the scales in Moscow’s favour.
It comes as the European Union tries to reach agreement on a full ban on imports of Russian oil.
The bloc has already pledged to reduce gas imports by two-thirds by the end of 2022.
Mr Marchenko said: “Huge oil and gas prices help Russia to receive additional amounts to make their budget run with a surplus. In comparison we are running [the country] with very huge deficit [in] our budget.”
“I believe that [a] full embargo can make Russia suffer more than it is right now,” he added.
The bloc’s politicians are trying to balance their desire to support Ukraine with the needs of their energy hungry citizens and businesses.
European Commission President, Ursula von der Leyen, admitted it was “not easy to establish unity” amongst the 27 members but added that she was “confident” an oil embargo could be agreed.