US ban on Russian oil!

The President of the United States Joe Biden imposed a ban on Russian energy imports in response to the invasion of Ukraine. US President Joe Biden has taken another decision that will hurt Russia financially as it rages on the war on Ukraine. It is well known that in the wake of the Russian war on Ukraine, several countries, including the United States and the United Kingdom, have already imposed severe sanctions to stifle the country financially. However, Ukraine is concerned that despite the sanctions, cash will continue to flow to Russia through the sale of oil. It was in this context that Biden made the latest decision.

The U.S. claims that decision is hurting the main source (oil) of the Russian economy. Russia and Ukraine war is already affecting American families at petrol banks. Oil prices in the United States have risen 75 cents since Russia declared war on Ukraine. Now with the decision will grow even more. Europe, which relies heavily on Russia's oil and natural gas, has not yet decided whether to impose a US-style embargo. The United States produces more oil than all the other European countries together so no other country can take the decision like the U.S. The European Union (EU) hopes to completely reduce its dependence on energy imports from Russia.

Russia has recently warned that a ban on its oil could have "catastrophic consequences" around the world. Russia surpasses Iran and North Korea as the most sanctioned nation 10 days after the full-scale invasion of Ukraine. Crude oil has continued to increase above $125 a barrel after President Joe Biden said the U.S. would ban the import of Russian crude, escalating sanctions against the nation following its invasion of Ukraine. It would take Europe at least a year to replace the oil it buys from Russia. International oil prices plummeted on news of a ban.