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    Former UN Gen Sec says higher energy prices are price worth paying for Russia sanctions

Summary

Ban Ki Moon cautioned, though, that developed countries' support to Ukraine should not come at the expense of funding to poorer nations to help them deal with climate change.

by: NGW

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Former UN Gen Sec says higher energy prices are price worth paying for Russia sanctions

The former general secretary of the UN Ban Ki-moon has said that sanctions pressure on Russia over its invasion in Ukraine must continue even if it results in higher energy prices.

Europe and its Western allies placed an embargo on Russian coal in early April, and are negotiating a similar ban on Russian oil, although resistance from some member states including Hungary has been an obstacle.  Some European leaders has called for a similar move against Russian gas, although the bloc remains greatly divided on the issue because of the economic implications.

Speaking at the World Gas Conference 2022 in Daegu, Korea, Ban said Russia's invasion had "driven oil and gas prices to record highs," and that it had "far-reaching consequences for the global economy." But he also said it was "imperative" that sanctions pressure on Russia remains, despite the cost.

Ban also cautioned that support that developed nations were providing to Ukraine should not come at the expense of commitments they have made to help developing nations that face the implications of climate change. Those same countries pledged in 2001 to provide $100bn annually, but contributed only $80bn in total between 2009 and 2020.

Moon served as the eighth UN secretary general between 2007 and 2016.