US, Britain banned oil imports from Russia

ISLAMABAD, Mar 08 ( Alliance News): The United States and Britain have announced a ban on oil imports from Russia, taking the first drastic step since Russia’s invasion of Ukraine.

According to foreign media , US President Joe Biden announced the sanctions imposed by the United States under which wider sanctions have been imposed on Russia, including natural gas and coal.

Despite fears of possible repercussions on the already rising gas prices, US Democrats have threatened legislation to ensure the ban.

Joe Biden said Russian oil would no longer be acceptable to US ports and that the American people would be hit hard by President Vladimir Putin’s war frenzy.

Speaking to the media at the White House, he said the decision had been made in close consultation with allies and that Putin would never win in Ukraine.

Biden made the announcement at a time when Britain, Europe’s second-largest economy, had announced that it would ban Russian oil imports by the end of the year.

The president said Putin could take over a city, but he would never take over the country.

The US sanctions are backed by both Republicans and Democrats, although economists are already divided over whether oil prices should rise above 120 120 a barrel.

Brent crude rose more than 5 percent after Biden’s announcement on Tuesday.

US Speaker Nancy Pelosi told members on Sunday that the House was pushing for an end to trade sanctions with Russia and Belarus, as well as for Russia’s access to the World Trade Organization.

But Joe Biden, who has a relatively softer attitude toward Russia than Congress, intervened personally and called Nancy Pelosi to stop the move.

Pelosi said in a letter to colleagues after Biden’s speech that Democrats in the House would vote before the end of the day on sanctions and other measures aimed at hitting the Russian economy.

Secretary of State Anthony Blinken revealed on Sunday that the US administration and its allies were already discussing whether to impose sanctions.

“We are now working with our European partners to discuss a ban on Russian oil imports while maintaining a steady supply of oil globally,” he told NBC. Is.

However, the European Union (EU), which relies heavily on Russian energy over the United States, has refused to take such action.

Russia accounts for 8% of US oil and petroleum imports, which means it will be easier to bear the impact on the world’s largest economy.

Still, the White House needs to reassure voters that oil prices are already rising due to rising petroleum prices.

Americans are now paying an average of 17 4.17 per gallon, and in just one month the price has risen 72 percent, the highest since the 2008 global economic downturn.

U.S. officials reportedly traveled to Venezuela last weekend to meet with Nicolas Maduro’s government to try to offset Russian oil losses.

The South American country was once the largest source of oil in the United States, but the United States imposed sanctions and stopped imports in 2019.

On the other hand, the sanctions imposed by the UK do not apply to Russian natural gas, which supplies 4% of the gas received by the UK.


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