WASHINGTON (NewsNation) – President Joe Biden will announce a ban on Russian oil imports, increasing the damage to the Russian economy in retaliation its invasion of Ukraineaccording to the Associated Press.
The White House said Biden would speak on Tuesday morning to announce “the continued actions that hold Russia accountable for its gratuitous and unjustified war with Ukraine.” NewsNation will live stream Biden’s in-player comment above.
The US and international partners have sanctioned Russia’s largest bankscentral bank and its finance ministry and has moved to block certain financial institutions from the SWIFT messaging system for international payments.
The move follows Ukrainian President Volodmyr Zelenskyy’s pleas to US and Western officials to cut imports, which is a glaring omission among major sanctions imposed on Russia. about the invasion. Energy exports have maintained a steady flow of money into Russia despite severe constraints on the country’s financial sector.
Before the invasion, Russian oil and gas accounted for more than a third of government revenue. Global energy prices rose after the invasion and continued to rise despite the coordinated release of strategic reserves, making Russian exports even more lucrative.
Pump prices have been rising for a long time prior to Russia Invades Ukraine and has grown faster since the beginning of the war. According to the auto club AAA, the US national average for a gallon of gas rose 45 cents over the past week and hit $4.18 on Tuesday.
Biden specifically highlighted Russia’s energy cuts as a virtue because they will help protect US homes and businesses from higher prices.
“Our sanctions package is specifically designed to enable continued energy payments,” he said.
The United States will act alone, but in close consultation with its European allies, who are more dependent on Russian energy supplies. Natural gas from Russia accounts for a third of Europe’s fossil fuel consumption. The US does not import Russian natural gas.
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https://www.wavy.com/news/world/biden-to-unveil-more-sanctions-against-russia/ Biden reveals more sanctions against Russia