US President Joe Biden announced on Tuesday that he had ordered an embargo on US imports of Russian oil and gas in order to increase sanctions imposed on Russia over its invasion of Ukraine.
This decision was made in close coordination with US allies, he said.
Russia is the world’s largest exporter of oil and natural gas. The country has been subjected to global financial sanctions over the war in Ukraine, but until now its energy exports have been exempt.
The economic impact of a conflict involving the world’s biggest oil and gas exporter and two of its biggest grain and metals producers also intensified on Tuesday, stoking concerns it could derail the global recovery from the coronavirus pandemic. coronavirus.
On Sunday (6), after the statement by US Secretary of State, Anthony Blinken, that the US was already discussing with the European Union the possibility of banning Russian oil imports, oil prices had already skyrocketed.
The barrel of Brent oil reached a maximum of US$ 139.13 (R$ 706.11) on Sunday night (6), reflecting the fear of investors for the potential economic impacts of the war.
The price of oil has already skyrocketed by more than 20% in the last week alone, due to conflicts in Eastern Europe, which reduced supplies from Russia, one of the main global producers of the raw material.
While he was under pressure from the US Congress to ban imports of the Russian product, Biden was also concerned about the measure’s impacts on domestic fuel prices.
On Tuesday, US gasoline prices hit a record high, industrial nickel trading in London had to be suspended after prices more than doubled in a matter of hours. British Shell said it was halting all purchases of Russian crude, apologizing for buying a shipment last week.
UK to phase out Russian oil and derivatives by the end of 2022
Britain will phase out Russian imports of oil and oil products by the end of 2022, Business Minister Kwasi Kwarteng said on Tuesday, urging companies to use the period to ensure a smooth transition.
“This transition will give the market, companies and supply chains more than enough time to replace Russian imports, which account for 8% of UK demand,” Kwarteng said on Twitter.
On Monday, British Prime Minister Boris Johnson said his government would lay out a new energy supply strategy as the Russian invasion of Ukraine and the subsequent rise in energy prices accelerated the need for new energy supplies. energy sources and greater self-sufficiency.
Also on Tuesday, the European Commission published plans to reduce the EU’s dependence on Russian gas by two-thirds this year and end its dependence on Russian supplies of the fuel “well before 2030”.
Kwarteng said he was exploring options to end British imports of Russian gas, which account for about 4% of the country’s supply.
Steve Holland, Pavel Polityuk, Kylie MacLellan, William James and Elizabeth Piper
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