Washington / London / Moscow – A ban on fuel imports from Russia would increase the fuel prices in the United States. The American people will have to bear the burden. US President Joe Biden announced a ban on Russian fuel imports by saying that there is no remedy to it and for democracy, we have to pay the price. Biden claimed that this would break the back of the Russian economy. Besides, British Prime Minister Boris Johnson has said that the ban on Russian fuel is consistent with previous sanctions.
The sanctions imposed by the US and UK have had repercussions on the international markets, with crude oil prices reaching $132 a barrel. Moreover, in Europe, natural gas prices have flared up to over €200/megawatt/hour. Fuel experts and analysts of the sector have warned that crude oil and natural gas prices could reach record levels in the future.
It has been 14 days since the beginning of the war between Russia and Ukraine, and the Western countries are doing their utmost for Russia’s withdrawal. The US and its allies, together with NATO, have been continually imposing sanctions on Russia since the start of the war. Most of Russia’s sectors had been targeted, including finance, banking, defence, investment, space, and technology. However, the fuel sector had been excluded from this. The announcement by the United States and the United Kingdom on Tuesday demonstrates that now Russia’s fuel sector is also within the grip of sanctions.
Russia is a leading productive country in the fuel sector. Of the crude oil and refinery products imported by the US, 8% of imports are done by Russia. Whereas Russia accounts for 6% of British fuel imports. Against this background, the decision taken by both countries becomes important.
‘We’re banning all imports of Russian oil and gas and energy. That means Russian oil will no longer be acceptable at US ports, and the American people will deal another powerful blow to Putin’s war machine,’ saying this US President Biden announced the ban on Russian oil import. Though Biden’s announcement was welcomed in US political circles, mixed reactions have been received from citizens. Fuel prices in the US have bounced to $4.17 per gallon. These have become the highest rates in the history of the US.
Along with the United States, even the United Kingdom has announced a ban on Russian fuel import. The UK will completely stop Russian fuel imports by the end of this year, said British Prime Minister Boris Johnson. Within hours of the UK‘s decision, seven Russian fuel tankers were sent back from British ports, have reported British media. Meanwhile, German Foreign Minister Annalena Baerbock has again backed the decision to continue imports of Russian fuel.
The German Foreign Minister said one-third of the fuel needs of Germany are imported from Russia. She further said, ‘If we stopped these straight away, then tomorrow we would not be able to move in Germany anymore.’
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