In a move to cripple Russia’s economy, President Joe Biden has banned imported oil and other energy sources from Vladimir Putin’s country and punished it for intensifying its military campaign in Ukraine.
Needless to say, Russia is among the world’s biggest energy producers and this move from the US is sure to damage the economy of Russia as the U.S. and other Western nations are placing high-level sanctions on Putin’s country.
As per reports, the U.S. promptly banned new Russian shipments of oil, certain petroleum products, liquefied natural gas and coal under an executive order President Biden signed Tuesday.
“This is a step that we’re taking to inflict further pain on Putin,” Joe Biden said at the White House. “But there will be costs as well here in the United States.”
The latest decision of Biden will not only affect Russia but will also add pressure to already record U.S. gasoline prices and the economic recovery.