Russia– In the wake of Russian aggression towards Ukraine, Europe and the United States have put a ban on Russian oil imports in their borders. The ban was announced on Tuesday where the officials confirmed that it has been done to increase the economic pain on Moscow so that it gets under pressure to step back from Ukrainian territory.
Western nations have outlaid their plans to decrease their dependence on Russian supplies and become more self-sufficient. The US announced that it has banned all imports in relation to Russian oil as well as gas and energy in an attempt to straight away target the Russian economy.
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A huge chunk of the Russian economy depends on the oil and petroleum sector. Following the announcement, the United Kingdom also announced that it plans on phasing out Russian crude oil by the end of this year. The block surely will have serious implications on Moscow’s economy and structure. The ban essentially asks for a blockade on any new purchase of Russian crude oil. The spectrum targets purchase of certain petroleum products, liquefied natural gas, and coal and also ends the deals which are already in place, asserts a senior official in the Biden administration.
More than European nations, it is the United States that has imposed strict bans on the Russian government. Under the ban, America also bans any kind of new investments from the US in Russia when it comes to the energy sector. It is safe to say that the US is looking for a strong impact on its energy sector by affecting Russia’s economy. Having said that, the US has not issued any guidelines on the ability of other nations to import RUssian crude oil. The US president further clarified that while the ban came after discussion with the European allies, it in no way forces or pressurizes them to take a similar call.
