Russian oil suppliers are losing one sales market after another. Early in March, US president Joe Biden banned the import of energy sources from Russia. A bit later, authorities of other western countries did likewise.
The White House continues to intensify sanction pressure amid the current geopolitical situation. Joe Biden decided to ban the import of Russian oil since it is the main source of Russia’s government revenue. Understanding all the consequences, the US authorities took such a measure, regardless of rising petrol prices.
As a result, the US petrol skyrocketed above its record high to $4.17 per gallon. The surge was initially caused by the news that the US was planning to impose sanctions on Russian oil. Against the backdrop, Joe Biden called on the private sector not to inflate prices and promised to control speculators. “It’s no time for profiteering or price gouging,” the US president pinpointed.
“We’re moving forward with this ban, understanding that many of our European allies and partners may not be in a position to join us,” Mr. Biden said. However, some European countries are also taking part in a boycott of Russian energy sources. Thus, the UK has already reduced purchases and is planning to stop buying Russian fuel by the end of the year. The European Union is also considering a gradual refusal of Russian oil. The US president added that the US would “continue to stand together with the community of nations backing the people of Ukraine.” “The United States will share in the responsibility of caring for the refugees,” Biden said.
