Wednesday, December 6, 2023

‘Targeting main artery of Russia’s economy’: US bans on Russian oil imports

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In a big blow to Russia amid its continued invasion on Ukraine, US President Joe Biden on Tuesday announced a ban on imports of oil, gas and energy from Russia. In his address, Biden said that he is announcing that US is targeting a main artery of Russia’s economy, i.e US imports of Russian oil and gas.

Stating that the ban has been decided in close consultation with allies, he also expressed that US is moving forward with this ban understanding that many of their European partners may not be in a position to do so. Joe Biden further added that US is enforcing the most significant package of economic sanctions in history and causing significant damage to Russia’s economy.

According to Rystad Energy, the United States imports about one-lakh barrels a day from Russia, which is 5% of Russia’s crude oil exports. In the last two weeks. US has sanctioned about 1200 individuals and companies in Russia.

Considered as world’s biggest exporter of oil and gas, Russia is facing the imposition of a series of economic sanctions for its attack on Ukraine. Countries like US, UK, Japan and others have hit Russia where it hurts the most, i.e their economy. From major corporations to financial institutions, the countries have attempted to cut Russia’s access to international markets. The ban on Russian oil imports by the US can lead to a huge spike in the price of crude oil. Russia’s deputy prime minister has warned that crude oil could cross $300 a barrel.

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