The Minister for Finance has warned that the price of energy and other things may rise further if Russia decides to retaliate to further EU sanctions.
Paschal Donohoe told Claire Byrne that the Government would not be surprised if counter-sanctions were introduced, or if the price of energy, oil and gas was to rise again.
The illegal invasion of Ukraine saw financial penalties introduced almost immediately from the US and the EU last month.
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Speaking on Today with Claire Byrne, the Minister was asked about potential future sanctions.
He said: "We need to continue to ensure that the impact of economic decisions sits more with the Russian economy than that of Europe. Russia are getting many hundreds of millions of euro per day for oil and other things.
"Any measures we take quickly, which we may yet need to do, to reduce our reliance on energy we are currently importing will have a big and significant effect on the price of that energy with the consequences of that, that I think, we are well aware of,"
Mr Donohoe also said that Europe was aiming to be 'energy independent' by 2030.
He explained further: "To date we have managed to ensure the balance and allocation of cost sits with Vladimir Putin and those funding this war and that is what we are aiming to try to maintain."
The Minister also confirmed that he has been asked to evaluate a possible 30% tax rate as an "idea" - something which the Tánaiste had hinted at earlier this week.
"We have a process whereby we evaluate all options for Budget Day - that is all there is to it. I think it is still understandable I am asked to look at different ideas for each budget.
"At this time, I have been asked to evaluate this idea."
He added that the Budget is a long way away and the Government will evaluate all options well before it.
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