US Recognizes That Sanctions Against Russia Due to Situation in Ukraine Will Have a 'Price', John Kerry Says

US sanctions on Russia over their ongoing military operation in Ukraine carry costs including volatile energy prices that are already being seen in the market, Climate Envoy John Kerry said on Monday.

"I think it is clear that we should do exactly what we are doing with President Biden and our allies. There may be costs, and obviously energy is turbulent right now. We see the volatility of price and demand," Kerry said during the opening of the Cambridge Energy Research Associates (CERA) Week conference.