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US, UK plans to impose complete ban of Russian oil and gas

On Tuesday, March 8, the US and the UK are going to enforce strict sanctions by imposing a complete ban on Russian oil and gas, and the national’ governments made the following announcement.

At the time of the gathering, President Joe Biden has made the declaration that the United States is imposing more sanctions on Russia to put more pressure on its government as well as economy.

Along with this, he mentioned, “Americans have rallied to support the Ukrainian people and made it clear: we will not be part of subsidising Putin’s war.” He further added, “In the close consultation” with the western allies, “around the world, particularly in Europe.”

As per the information provided by the sources, the oil exports to the United States account for 5 percent of all Russian exports as well as around 8 percent of the entire US oil imports that arrives from Russia.

Moreover, the cost of oil in the United States and Europe has been expected to rise further because of the ban on imports. The speculation about the latest sanctions has already shoot up in the oil prices by over 8 percent to a maximum of $129.

The Analysts has given the warning that a stop in import could force to $200 a barrel.

On Tuesday, the business minister of the United Kingdom named Kwasi Kwarteng also made the declaration that the UK would phase out the import of Russian oil as well as oil products till the end of the month 2022.

He said, “This transition will give the market, businesses and supply chains more than enough time to replace Russian imports – which make up 8% of UK demand.”

Furthermore, on Tuesday, the European Union has also made actions to decrease the continent’s reliance on Russian gas, mentioned that about the objective to cut the demand by two thirds by the end of the year.

The United Kingdom is less reliant on Russian fossil fuels than multiple European nations. However, Russian supplies still make up 8 percent of the entire imports into the UK, and 18 percent of UK diesel comes from Russia.

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