Oil Prices Jump As Biden Announces Full Ban On Russian Energy Imports

Cat:

Related stories

OPEC+ Surprises With Oversized Output Hike

OPEC+ will ramp up oil production more aggressively than anticipated...

2027: Okpebholo, Oborevwori, Eno, Edet, Others Rally Support for Tinubu

By Abiola Olawale The All Progressives Congress (APC) in the...

Amid Several National Grid Collapse, Power Minister Adelabu Unveils Ambition to Succeed Makinde in Oyo

Kicks Off State-wide Consultations By Abiola Olawale Minister of Power,...

Osun Guber: Davido’s Uncle, Adeleke Quashes Defection Rumours

Says he stands firm with PDP By Abiola Olawale Osun...

Zamfara 2027: Intrigues As ADC Extends Invitation to Governor Dauda Lawal

Governor Weighs options In what has been described as...

…U.S. President Biden announced a ban on imports of Russian energy without the participation of European allies.

…The ban includes not only Russian oil, but also coal and liquefied natural gas.

…Russia warned on Monday that an energy embargo on Moscow would have “catastrophic consequences for the global market,”.

The United States announced a ban on imports of Russian energy products on Tuesday, without the participation of the allies in Europe.

The ban includes not only Russian oil, but also coal and liquefied natural gas (LNG), Bloomberg’s sources said, speaking on the condition of anonymity.

“Today, I’m announcing the United States is targeting the main artery of Russia’s economy. We’re banning all imports of Russian oil and gas and energy. That means Russian oil will no longer be acceptable at U.S. ports and the American people will deal another powerful blow to Putin’s war machine,” President Biden said in a White House announcement on Tuesday.

The President stressed that while the decision was made in close consultation with its European allies, he understood not every ally would be in a position to join the United States in sanctioning Russia’s energy supplies.

States was considering banning imports of Russian oil without the participation of its European allies, at least at an initial stage of putting further pressure on Putin’s largest source of revenues.

The Western allies have refrained so far from imposing sanctions on Russia’s energy exports amid concerns about creating shortages in the oil market. Europe is much more dependent on Russian oil than the United States.

Europe—most notably German Chancellor Olaf Scholz—said on Monday that it was not on board with banning imports of oil and gas from Russia.

“Currently, there is no other way to secure Europe’s supply of energy for heat generation, mobility, power supply, and industry,” Scholz said.

“It is therefore our conscious decision to continue doing business with Russian energy,” the German chancellor said on Monday.

Meanwhile, also on Monday, Democrats and Republicans at Congress reached a bipartisan deal that would pave the way for a ban on the import of energy products from Russia.

Russia warned on Monday that an energy embargo on Moscow would have “catastrophic consequences for the global market,” Russian Deputy Prime Minister Alexander Novak said, adding that if the Western allies cut off Russian oil, prices could jump to $300 a barrel or even more.

The United States, which imports around 500,000 bpd of Russian crude and products, can afford to ban imports from Russia without severe consequences on its industry and economy, unlike Europe.

NB: Tsvetana Paraskova wrote this article for Oilprice.com

 

Tsvetana Paraskova
Tsvetana Paraskova
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
OPEC+ Surprises With Oversized Output Hike2027: Okpebholo, Oborevwori, Eno, Edet, Others Rally Support for TinubuAmid Several National Grid Collapse, Power Minister Adelabu Unveils Ambition to Succeed Makinde in OyoOsun Guber: Davido's Uncle, Adeleke Quashes Defection RumoursZamfara 2027: Intrigues As ADC Extends Invitation to Governor Dauda Lawal$4.2m Covid-19 Scam: Nigerian Pastor Goes to Jail, Osun Monarch, Oloyede Forfeits Assets in US As Crackdown BeginsNatasha Akpoti-Uduaghan: Senate Stipulates Terms for Reinstatement After Court's RulingTinubu Departs Saint Lucia, Heads to Brazil for BRICS Summit2027: Drama, Intrigues as Julius Abure Tells Otti to Quit Labour PartyFG Secures $100m for Lagos-Calabar Project from ECOWAS BankEx- Arsenal Star Thomas Partey Faces Rape, Sexual Assault Charges in UKEdwin Cortes: Prefers Being A Small Puerto Rican Than Big AmericanJune 12 And The International Pursuit of Justice For Abiola, By Femi FalanaBreaking Down the West’s $146 Billion 2024 Defence Technology InvestmentG7 vs. the World: GDP, Population, and Military Strength
X whatsapp