US President Joe Biden on Tuesday declared a US ban on Russian oil and other energy imports, ramping up a pressure campaign on Moscow in vengeance for the invasion of Ukraine.
He said the move means the American people will deal another powerful blow to Putin’s leadership.
“We will not be part of subsidizing Putin’s war,” Biden added.
— President Biden (@POTUS) March 8, 2022
Oil prices saw near 14-year highs on Tuesday. Brent crude futures were up $1.06, or 0.9 percent, at $124.27 a barrel at 0223 GMT, after trading as high as $125.19 then dipping to $121.31.
Russia exports around 7 million barrels per day of crude and oil products.
If all of Russia’s oil exports were blocked from global markets, analysts have said prices could rocket to $200 a barrel, while Russia’s deputy Prime Minister said oil could soar to more than $300.
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