The move follows pleas by Ukrainian President Volodymyr Zelenskyy to U.S. and Western officials to cut off the imports, which had been a glaring omission in the massive sanctions put in place on Russia over the invasion. Energy exports have kept a steady influx of cash flowing to Russia despite otherwise severe restrictions on its financial sector.
Gas prices have been rising for weeks due to the conflict and in anticipation of potential sanctions on the Russian energy sector. The U.S. national average for a gallon of gasoline soared 45 cents a gallon in the past week and topped $4.06 on Monday, according to auto club AAA.The United States generally imports about 100,000 barrels a day from Russia, only about 5% of Russia’s crude oil exports, according to Rystad Energy. Last year, roughly 8% of U.S.
“All of this is being done in coordination, even if the steps are not symmetrical,” he said. “We are talking to them constantly.”Before the invasion, Russian oil and gas made up more than a third of government revenues. Global energy prices have surged after the invasion and have continued to rise despite coordinated releases of strategic reserves, making Russian exports even more lucrative.
“Our sanctions package we specifically designed to allow energy payments to continue,” he said. Biden’s actions Tuesday were not expected to affect other nations' energy payments to Russia.
Source: Financial Digest (financialdigest.net)
😂😂😂🤡🤡🤡🐑🐑🐑
Meanwhile he limits production of US oil
Kinda late
...Great!...Now do something to FIX THESE RIDICULOUS GAS PRICES!!! The Government had plenty of opportunities to outsource other places for oil, yet look at them, Epic fail, GET A MOVE ON IT!!!