Biden announces ban on Russian oil imports
(VOVWORLD) - US President Joe Biden on Tuesday announced a US ban on Russian oil and gas imports in response to Russia’s military operations in Ukraine.
 A view of Omsk Oil Refinery near Irtysh River in Omsk, southwest of Siberia, Russia (Photo: Nsenergy Business/VNA) |
Analysts say the ban will worsen the global fuel shortages and price hikes caused by the cornonavirus pandemic.
Gasoline prices in the US have risen to a record high, pushing inflation to a 40-year high.
Following Biden’s announcement, the UK announced it will phase out imports of Russian oil and oil products by the end of this year.
The European Commission presented a new plan on Tuesday to reduce its purchases of Russian gas by two-thirds before the end of this year and end its dependency on fossil fuels from Russia before 2030.