On Tuesday, striking harder at the heart of the Russian economy, Joe Biden, the US President, announced ban on Russian oil and energy imports in order to punish Russian leaders for a large-scale attack on Ukraine. The key trade move, responding to the requests of embattled Volodymyr Zelensky, the President of Ukraine, pushed America out front as European countries trying to stop Moscow’s incursion.
But the President of America acknowledged that his people would also feel the return consequences, declaring that shielding freedom is going to cost. The oils & gas imports have been a conspicuous omission in the colossal sanctions put in place on Putin’s Russia over the premeditated and unjustified attack. Moreover, the US President said they’d not become a part of subsidizing Russian President Putin’s war, calling the latest move another ‘powerful blow against’ Moscow’s ability to finance the continuing violence.
Joe Biden said that America was working in careful consultation with Western partners, who are more reliant on Russian oil and energy supplies and who he recognized might not be capable of participating immediately. The proclamation marked the newest Biden action at isolating Russians from majority of the world economy and making sure that incursion of its neighboring country is a strategic loss for the Kremlin, even if he wins hold of the territory. The U.S. leader said Ukraine would never be ‘a win’ for the Russian leader.
Thankful for US and @POTUS personal leadership in striking in the heart of Putin’s war machine and banning oil, gas and coal from US market. Encourage other countries and leaders to follow.
— Володимир Зеленський (@ZelenskyyUa) March 8, 2022
U.K. to Phase Out Dependence of Russian Energy ASAP
Furthermore, this week, Western allies will announce eliminating its dependence on Russian energy products as early as possible, but filling the gap without crippling European Union economies will possibly take some time. In addition, Britain, a non-EU country, declared on March 8 that it would discontinue its reliance on petroleum products from Russians by the end of 2022.
Unlike the world’s largest oil & gas producer – America – the West depends on imports for 97 percent of its oil products and almost 90 percent of its gas. Russia supplies 25 percent of its West’s oil and around forty percent of its gas. But America doesn’t import natural gas from Russia.
The matter of energy sanctions has caused a conflict for Mr. Joe Biden between political comforts at home and attempts to announce consequences on Moscow. Though Russian petroleum accounts for a small part of American imports, the US President stated he was unwilling to prohibit it, cutting into oil supplies and driving the prices even higher. But unfortunately, inflation is at a four-decades peak, driven mostly by gas costs, which could upset Joe Biden progressing toward Nov. 8 Midterms.
Additionally, the US President said that Russian aggression is already distressing US families at the oils and gas pumps, adding that he’s proceeding to do every possible thing to cut Putin’s price increases there in the U.S.
According to Automobile club AAA, gas prices have been increasing for almost half a month amid the conflict and in the likelihood of potential consequences on Putin’s energy industry. The average price for a gallon in America struck 4.17 dollars record on March 8, growing by ten cents a day, and up fifty-five cents since recent week.