UKRAINIAN President Volodymyr Zelensky has called for a global boycott of all Russian products – including oil.
“If the invasion continues and Russia does not abandon its plans against Ukraine, then we need a new sanctions package,” Zelensky said in a video address on Monday, including “a boycott of Russian exports, in particular, the rejection of oil and oil products from Russia”.
Zelensky said: “The international community must act even more decisively.”
He also said that Russia should not receive goods and services from abroad “if (Russia) doesn’t want to abide by civilised rules”.
Zelensky added: “It can be called an embargo, or it can be just morality. Let the war feed them. “When someone loses his mind, you need to lose fear and forget about commerce.”
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This comes as oil prices have soared more than 10%, as the global benchmark of Brent crude soared to $139.13 a barrel at the start of trading on Monday, hiking more than $20 from Friday, when it lay at $118.03.
In July 2008, oil prices reached an all-time high, at $147.50, but some analysts think the record will be surpassed because of the global socioeconomic impact of the Ukraine Russia conflict.
If a global boycott were to come into place, this would likely force the price of oil up, as oil becomes scarcer without Russian supply.
It comes as an adviser to the Ukrainian president has confirmed the next round of talks with Russia will begin on Monday afternoon, at 4pm local time (or 2pm GMT).
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