Biden Tightens Russian Energy Ban
President Joe Biden, who announced a ban on Russian energy products, which are the biggest part of the country’s economy, last week, has announced a further tightening of restrictions.
Biden said that these sanctions will be felt in the U.S. and seen with rising gas prices in every state. The government is working on a plan to reduce dependency on Russian oil.
The ban on Russian energy stops purchases of crude oil, certain petroleum products, liquefied natural gas and coal. The ban will take effect immediately, but there is a 45-day window for companies to make adjustments if they are under energy contracts.
Last week, Great Britain announced that it will phase out using of Russian oil by the end of 2022 also giving domestic companies to an opportunity to change their power sources. These bans will devastate the Russian economy as more countries disassociate themselves from it due to the Ukrainian invasion.
Biden said, “With this action, it is going to go up further. I’m going to do everything I can to minimize Putin’s price hike at home.”