Although Russia is one of the major exporters of natural gas and crude oil to Europe and America, the West is leaning towards a ban on imports from Russia
Europe and the United States of America are considering a ban on crude oil imports from Russia, as confirmed by US Secretary of State Antony Blinken. The White House along with important committees of Congress are coordinating to impose a ban on Russian imports. Over the past 24 hours, Europe and America are warming up to the idea of imposing a ban although they heavily rely on Russia for crude oil and natural gas.
Details about White House discussions on a potential ban
According to a source who has been in touch with Reuters, the White House is engaging in active discussions with the Finance Committee of the Senate and the Ways and Means Committee of the House of Representatives regarding the imposition of a potential ban on Russian imports in the US.
In the same breath, Blinken maintains that it is necessary to keep oil supplies steady across the world. In an interview with NBC’s “Meet the Press”, Blinken said, “We are now in very active discussions with our European partners about banning the import of Russian oil to our countries, while of course, at the same time, maintaining a steady global supply of oil.”
Secretary of State Blinken is travelling across Europe to engage in discussions with allies following Russia’s military operation in Ukraine. US senators have introduced a bill that appeals for a ban on crude oil from Russia. The bill is on fastrack mode and if passed, it would mark huge sanctions on Russian imports into the USA.
How will these sanctions affect the West?
Over the past week, there has been quite a significant surge in oil prices following the United States’ sanction of Russia’s military action in Ukraine. In 2021, the USA imported over 20.4 million barrels of crude and refined oil per month from Russia. The Energy Information Administration (EIA) has informed that nearly 8% of the USA’s imports of fuel depend on Russia.
If imposed, these sanctions on oil imports could significantly alter oil prices in the USA.
Edited by: Kiran Maharna
Published by: Vishakha Verma
