Ukraine’s Finance Minister Serhi Marchenko called for a complete international sanctions on Russian oil and gas over Moscow’s invasion of Ukraine.
Ukraine’s Finance Minister Serhi Marchenko on Friday called for a complete international sanctions on Russian oil and gas over Moscow’s invasion of Ukraine.
Marchenko told an online briefing that Ukraine was struggling to balance its budget after a 10-week war and said that, as finance minister, he could not be satisfied with the speed at which foreign exchanges Financial aid is coming.
Referring to the “inadequacy of sanctions”, he said the high price of oil and natural gas meant Moscow had a budget surplus and “they feel quite comfortable”.
“The main issue is a complete ban on the purchase of gas and oil from the Russian Federation. This is something that needs to be worked out and the Ukrainian authorities are actively working on,” he said. “This will make it possible to remove the possibility of funding the war.”
Economic measures from Washington and European allies have dented Russia’s $1.8 trillion economy, while billions of dollars in military aid helped Ukraine thwart the invasion.
In an apparent crackdown in Western unity, however, Hungarian Prime Minister Viktor Orbán said on Friday that his country cannot support the EU’s proposed new sanctions package, which in its current form includes an oil embargo.
On the state budget, Marchenko said: “Now we are practically not balancing the budget because at the moment our income, unfortunately, covers only 54% of our expenses excluding military expenses.”
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