United States President Joe Biden announced tonight (Tuesday) that he has banned the import of Russian oil and gas into the territory of the United States, the most significant economic sanction his country has declared since Russia invaded Ukrainian territory last month.
"We are enforcing the most significant economic sanctions in history, they caused the collapse of the Russian economy. The decision today is not without price. Its war has hit fuel prices today. Since the beginning of the war fuel has risen by 75 cents and it will rise even more because of the decision, but I will work to "We are releasing millions of barrels from the joint U.S.
and
European emergency reservoirs," the president said in a special speech to the nation.
From the Russian transfer pipes to the territory of Europe.
According to the EU announcement, the member states will reduce by more than two-thirds the consumption of natural gas from Russia, one of the most important sources of revenue for the Russian regime, by the end of the year.
Russia accounts for more than 45 percent of the EU's natural gas consumption and almost a quarter of the EU's oil consumption.
It also said that the union would completely eliminate Russian dependence on oil and gas by 2030.
Britain, too, which accounts for eight percent of its energy consumption, has announced that it will stop importing from the country by the end of the year.
The country's business minister, Kwasi Kwartang, said: "The time frame set will allow all businesses in the country to find substitutes for Russian products."
Moscow is preparing to respond to the Western countries' announcement, a potentially devastating one for Russia's economy and the global oil and gas market, and experts expect the Putin regime to cut off gas supplies to Europe in one fell swoop, targeting countries like France and Germany that leaned on Russian natural gas heating.
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