IMF: Russia-Ukraine Conflict Could Further Increase World Energy Costs

WASHINGTON (Sputnik) - A possible Russia-Ukraine conflict may further raise energy costs for many countries, the International Monetary Fund’s First Deputy Managing Director Gita Gopinath said Tuesday.

"Consequences for energy markets would likely be a further increase in prices of oil and gas and, therefore, energy costs more broadly for many countries in the world," Gopinath told a live-streamed IMF World Economic Outlook Update.

Crude oil prices have risen more than 10% since the start of the year, partly due to geopolitical tensions over the Ukraine conflict.