WASHINGTON, Europe Brief News – As per various reports, US President Joe Biden was all set to impose a ban on Russian oil and other energy imports on Tuesday to hit back at Russia for its invasion of Ukraine.
The White House said that Biden was scheduled to declare more sanctions on Russia but did not specifically mention the oil imports ban.Oil prices experienced a hike as Brent crude LCOc1 climbed by 5.4% to $129.91 a barrel.
Biden has been working with Western Allies who are largely dependent on Russian Oil for a majority of reasons. Biden is planning to isolate Russia in any way possible.
Some reports suggest that Biden may go ahead to impose a ban on Russian oil without even consulting with its allies in the West.
According to the Energy Information Administration, The United States imported more than 20.4 million barrels of crude and refined products a month on average from Russia in 2021.
Russian Oil ban can increase Inflation
The Energy Information Administration suggests that any ban on Russian oil can cause serious troubles. As the potential oil ban is just around the corner, prices and inflation is expected to go sky high.
Chris Coons, US Senator said, “The administration was coordinating with European allies and making sure that we have done the groundwork to understand how to effectively implement a ban on Russian Energy”.
He further added “We are going to see increased gas prices here in the United States. In Europe, they will see a dramatic increase in prices. That’s the cost of Standing up for freedom and standing alongside the Ukrainian People, but it is going to cost us”.
Republican lawmakers appreciate the decision on social media while criticising Biden’s green energy policies and demanding Biden’s administration to focus on more oil and gas production at home.
A Democrat on the house representatives Foreign affairs committee said “Obviously nobody wants to pay more for gas”.
US and European Union playing every possible card to ripple Russia’s economy and isolate it from the rest of the world.
Besides all the political pressure, the allies are mounting financial pressure as well on Russia as Russia was initially cut off Russian banks from the SWIFT payment system and now Mastercard and Visa have announced that they are suspending operations in Russia.
Mastercard said in a statement “Cards issued by Russian banks will no longer be supported by its networks and any Mastercard issued outside the country will not work at Russian stores or ATMs.
