US President Biden: Authorising new sanctions on Russia, including on exports

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US President Biden: Authorising new sanctions on Russia, including on exports By Frank_Macro UnitedStates RussianFederation

s on Russia, including on exports. Biden said that the sanctions are designed to maximise the long-term impact on Russia's economy but minimise the impact on Europe. We will prevent Russia from doing business in dollar, yen, pounds and euros, Biden continued, and we have sanctioned Russian banks holding more than $1T in assets.

Biden confirmed that the Russian energy sector would not be targeted by US sanctions and said that oil and gas companies should not exploit the crisis and hike prices. Biden reiterated that the US is working to secure global energy supplies and said that his administration would release additional oil from the SPR as needed.

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