United States President Joe Biden has imposed an immediate ban on Russian oil and other energy imports in retaliation for Russia’s invasion of Ukraine, while the United Kingdom said it would phase out imports by the end of 2022. The latest sanctions are likely to push up oil prices — resulting in even higher prices at the pump.
What does the ban target?
The US government announced a ban on Russian oil, part of a broader prohibition that includes natural gas and coal.
“Russian oil will no longer be acceptable at US ports and the American people will deal another powerful blow to Putin’s war machine,” Biden said on Tuesday, adding that the decision was taken “in close consultation” with allies. Russia is the world’s top exporter of crude and oil products combined, producing about 7 million barrels per day (bpd), or 7 percent of global supply.
Source: aljazeera.com
