MINISTER in the Ministry of Finance Brian Manning said the situation in the Ukraine could have an economic impact extending to Trinidad and Tobago, speaking to Newsday on Thursday the day after Russia began its invasion of Ukraine.

"We are monitoring the situation very closely," he said.

Bloomberg News on Thursday reported the price for Brent crude oil had climbed to US$103 per barrel and the Henry Hub price for natural gas was up at US$4.72 MMBtu.

Manning said, "There has already been an increase in oil and gas prices globally and that should benefit our economy. The supplemental petroleum tax has also kicked in and that should also generate additional income.

"Unfortunately increased energy prices globally can lead to an increase in the cost of imported goods due to the higher cost of production and transport.

"Russia as you know is one of the largest oil producers in the world and it is possible that several of the largest energy consumers will implement embargoes and other sanctions on Russian oil."

He said such a restriction in global supply would lead to higher oil and gas prices.

Manning concluded, "The Ministry of Finance is keeping a close eye on the situation and will take the necessary steps to adapt to this evolving situation."

Newsday tried but was unable to contact Energy Minister Stuart Young who has accompanied the Prime Minister to Doha, Qatar for the Gas Exporting Countries Forum.

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