Oil Embargoes And Gas Restrictions Have Been Imposed By The West On Russia As A Result Of The Conflict In Ukraine
The United States and the United Kingdom have banned Russian oil, and the European Union has ended its reliance on Russian gas, ratcheting up the economic response to Ukraine's invasion.
The move, according to US President Joe Biden, is aimed at "the main artery of Russia's economy."
Energy exports are a major source of income for Russia, but the decision is expected to have an impact on Western customers.
Meanwhile, major corporations have continued to withdraw from Russia, with McDonald's and Coca-Cola being the most recent to do so.
The economy of Russia is strongly reliant on energy. After Saudi Arabia and the United States, it is the world's third-largest oil production.
The economy of Russia is strongly reliant on energy. After Saudi Arabia and the United States, it is the world's third-largest oil production.
Russia warned of "catastrophic" consequences for the world economy before the sanctions were revealed, and suggested it might shut down its main gas pipeline to Germany.
On the ground in Ukraine, residents have been evacuated from two under-attack districts, and the US estimates that up to 4,000 Russian forces have died in the war.
Petrol prices have already reached new highs in the United States and the United Kingdom as a result of the conflict, and analysts worry that they could rise considerably more.
Venezuela, on the other hand, may boost its oil production to assist replace Russian oil.
President Biden's announcement came after pressure from both sides of the political spectrum in the United States to do more to combat Russia's economy.
"We're prohibiting all Russian oil, gas, and energy imports," he declared.
"This means Russian oil will no longer be accepted at US ports, and the American people will deliver [President Vladimir] Putin another powerful blow."
Mr. Biden acknowledged that the action would come at a "cost at home," but that the decision was made "in close consultation" with friends.
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