The Russian-Ukrainian war. The 14th day. Biden's oil embargo and Putin's response

Baku/09.03.22/Turan: The 14th day of Russia's aggression against Ukraine is underway. In response to Russia's invasion of Ukraine, the US banned the import of oil, gas and coal from Russia. This was stated by US President Joe Biden during a speech at the White House on the situation around Ukraine.

Two days earlier, on March 7, the United States imposed a ban on the import of Russian oil and gas (LNG), coal and some petroleum products due to the situation in Ukraine. Investments in any energy companies of the Russian Federation are also prohibited.

According to US President Joe Biden, the decision was made after consultation with European allies, but Washington understands that not everyone will be able to join this restrictive measure. Now the States are working closely with allies to develop a "long-term strategy" to reduce their dependence on Russian energy resources.

On March 8, gasoline prices in the US reached a historic high, exceeding $4.17 per gallon (3.785 liters), RIA Novosti notes. According to the US Energy Information Administration (EIA), oil supplies from the Russian Federation account for about 3% (more than 600,000 barrels per day) of all oil imported into the United States.

The next day, Russian President Vladimir Putin signed a decree on the application of special economic measures in the field of foreign economic activity to ensure the security of Russia and the smooth functioning of industry.

The decree prohibits and restricts the export from the country and / or import into Russia of certain types of products and raw materials approved in the list of the government.

The measures were taken in addition to the previously published presidential decrees "On the application of special economic measures in connection with unfriendly actions of the United States and foreign states and international organizations that have joined them" and "On additional temporary economic measures to ensure the financial stability of the Russian Federation."

Economist Nazim Baydamirli comments on the current situation in the program "Difficult Question".

According to him, the Russian economy is integrated into the world economy and, as a result, is dependent on it. Moreover, this Russia is an exporting country mainly of raw materials, in particular energy carriers. It exports approximately 7-8% of its energy resources to the USA.

“Western countries and their industry are also dependent on the supply of Russian raw materials - energy, aluminum, palladium, etc. therefore, it is obvious that the imposition of sanctions will damage not only the Russian economy, but also the economies of Western countries. However, as Biden said, "the United States does not intend to take part in subsidizing Putin's war," Baydamirli said, adding that despite fears of rising energy prices, the decision was supported by both leading American parties.

According to the economist, it is obvious that the embargo on Russian energy resources will lead to a general increase in prices, however, US citizens were sympathetic to Biden's decision and are ready to pay a certain price to protect freedom.

However, according to Baydamirli, "in order to stop Russia's aggression, the sanctions imposed against it should become even more effective."—0—