US President Joe Biden issued an executive order yesterday banning the import of crude oil, many petroleum products, liquefied natural gas and coal from Russia. America’s Biden administration has claimed that Russia has become an untouchable for the global economy after military action on Ukraine and the world community is joining the US initiative to impose tougher sanctions against Moscow. US President Joe Biden has described the economic sanctions package against Russia as “the most important in history” and claimed it would cause deep damage to the Russian economy.
Biden said – the Russian economy has gone into a
trough After the war declared by (Russian President Vladimir) Putin, the ruble has devalued by about 50 percent and is worth less than a US cent.
Russia has become untouchable – Joe Biden
Biden said, ‘We have isolated Russia’s biggest banks from the international financial system, which has hampered Moscow’s ability to do business with the rest of the world.’ In response to military crackdown on Ukraine, Biden announced on Tuesday that the United States would halt imports of oil and gas from Russia. A senior Biden administration official later said, “Our historic coordination has made Russia an ‘untouchable’ to the global economy and financial system.”
Russia will suffer deep loss- Biden claims
He said, ‘About 30 countries, which account for about 50 percent of the global economy, have announced a ban on the import of oil and gas from Russia, which will have an immediate economic impact on Russia. There will be a damaging effect. The official said Moscow’s access to high technology has been blocked, which will hamper its growth prospects and weaken its military for many years to come. He claimed that by cutting off the Russian central bank from the global financial system, the US deprived Russia of foreign exchange reserves and that Putin was left with little option but to stop the devaluation of his currency. “By disrupting transactions and confiscating the assets of Russia’s largest bank, we have impeded Putin’s ability to do business with the world,” the official said.
While the US administration said that it had discussed with its European partners before stopping the import of oil and gas from Russia. It acknowledged that at present not all allied countries are in a position to impose such a ban. President Joe Biden on Tuesday issued an executive order banning the import of crude oil, several petroleum products, liquefied natural gas and coal from Russia. Its purpose is to deprive Russia of billions of dollars in annual revenue from American drivers and consumers. Last year, the US imported an average of 700,000 barrels of crude oil and refined petroleum products from Russia every day.
A senior Biden administration official said, ‘We had close discussions with our European partners before taking this step, but we did not expect them and we Didn’t ask him to attend it. “The US is able to take this step because we have strong energy generation capacity domestically,” the official said. We accept that at present all our allies are not in a position to join us in this matter. The official clarified that the ban would apply to new deals. He said that we have banned new purchases from Russia, but under the agreement already signed, we will allow the import of oil. We are giving 45 days to complete the supply under the old deals.
Gas prices in the US have risen 5-7 percent
Biden said after signing the executive order on sanctions that American families are already being affected by Putin’s war, because gas prices are rising. Gas prices in the US have soared by 75 cents since Putin gathered troops along the Ukrainian border. This restriction will increase it further. On the steps taken to keep fuel prices stable, the President said, “We are coordinating with our allies. We have announced to jointly release 60 million barrels of oil from our reserves. Half of this will come from America. We are ensuring a reliable supply of energy globally.
Many countries of the world are already being affected by the sanctions imposed on Russia and the prices of gas including crude oil are increasing. Crude oil has reached a high of $ 139 per barrel. However, in India, its effect has not yet been imposed on the domestic customers and the price of petrol, diesel in the country has not been increased at the moment. However, it is being said that the prices are definitely going to increase in the coming 1-2 days.