USA Bans Russian Oil Imports Because of Ukraine
In a bid to tighten the grip on the Russian economy over the attack on Ukraine, US President Joe Biden has decided to impose a ban on imports of oil from Russia.
Currently around the world, many countries have imposed strict rules on Russia. These rules are all business-related and have been imposed with the aim to reduce Russia’s business and income. Countries are doing this to pressurise Russia and force its President Vladimir Putin to stop the war. Such rules have been implemented by countries like the USA, Canada, the United Kingdom, France and other European countries. However, these rules did not make any impact on the Russian economy. This is because the majority of Russia’s income comes from selling crude oil. You may know that this crude oil is used to make petrol, diesel, etc. It is very important for cars, factories, etc. Since the war started, Russia continued to sell crude oil to countries. The USA is Russia’s biggest customer and they continued to buy oil from Russia. Oil prices have been rising for the past two weeks across the world on fears of war. Because of this petrol prices had gone through the roof. However, in shocking news, US President Joe Biden has decided to ban Russian oil imports to the USA.
Biden said, ‘After talking to countries that are friends with the USA, we have decided that the USA will stop importing oil from Russia. This will be a powerful blow to Vladimir Putin.” Notably, the US will not be joined by its European allies in banning Russian oil as they are largely dependent on Russia for oil. However, European countries have also announced that they will reduce their dependence on Russia for crude oil. European oil giants BP and Shell announced they will not make any new purchases of Russian oil and petrol.
Meanwhile, Japanese officials also announced a ban on exports of oil refinery equipment to Russia. Because of the USA’s decision the price of oil, petrol, diesel, etc. will increase more. Amid the Russia-Ukraine war, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Tuesday asserted that there will be no shortage of crude oil in the country. He further added that the oil companies will determine the fuel prices in the country. However, he added the Central government will take decisions in the best interest of citizens
