Oleg Ustenko, a prime financial advisor to Ukraine’s president, informed CNBC on Monday he believes Western nations should cease importing Russian oil and gasoline, saying these transactions are “bloody cash” that assist Moscow finance its invasion of Ukraine.
“It is simply unbelievable as a result of whoever is shopping for this oil and gasoline, they’re accountable additionally for financing these aggressive” actions by Russia’s navy, Ustenko mentioned in an interview with CNBC’s Steve Liesman that aired Monday on “Closing Bell.”
Russia’s invasion of Ukraine — now in its second week — is resulting in “horrible, Darkish Ages issues in my nation,” Ustenko mentioned. “So for us, it is extraordinarily vital to chop off them from these bloody cash receipts. And we do imagine that by doing this we will probably be ready actually to hit Russians very onerous. … If this embargo is carried out, then we might be very a lot certain that they don’t have financial energy.”
Ustenko’s feedback come as Ukrainian President Volodymyr Zelenskyy additionally has known as for a extra expansive response to the Russian invasion. Ustenko has been an advisor to Zelenskyy since Might 2019, based on the U.S.-Ukraine Enterprise Council.
In his interview with CNBC, Ustenko painted a difficult humanitarian and financial image. Whereas he mentioned the Ukrainian authorities has continued its social obligations, like paying the salaries of academics, Ustenko mentioned preliminary estimates recommend the nation has suffered damages of roughly $100 billion.
Agriculture performs an vital position in Ukraine’s economic system, which had a gross home product of $200 billion in 2021, its highest stage in a long time. It is a pivotal time within the yr for Ukrainian farmers, Ustenko mentioned, explaining that usually that is after they start spring fieldwork for key crops. That work is usually finalized in April, he mentioned.
“So, principally it is a very, very brief time frame after they’re ready to try this type of work. And if they don’t seem to be ready to try this it’ll be a big, even additional decline in our economic system,” Ustenko mentioned.
Ukraine is a significant producer and exporter of wheat, corn and sunflower oil. Practically half of the worldwide sunflower oil market is equipped by Ukrainian producers, based on Ustenko.
In some areas, he mentioned over 70% of Ukraine’s agricultural manufacturing is exported to world markets. He mentioned Ukraine luckily has sufficient wheat and grain in its personal reserves to “feed our inhabitants” for the following yr.
If want be, he mentioned, “we are going to simply cease exporting from the nation.”
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