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United States stops oil and gas supplies from Russia.
The United States will halt oil and gas supplies from Russia. Joe Biden administration announced to the nation new, tougher sanctions measures against Russia.
The White House accuses Vladimir Putin’s regime of being “responsible for its unprovoked and unjustified war against Ukraine” and announced a ban on imports of Russian oil and gas, assets vital for the resilience of Moscow’s economy.
Moscow is the third largest oil supplier to the United States, supplying 3% of its oil. The U.S. imported 473,000 b/d of Russian refined products and 199,000 b/d of Russian crude in 2021, according to the Energy Information Administration.
The U.K. in line with the U.S., also appears ready to ban the import of Russian oil. The ban should only affect crude oil and take place gradually.
With this maneuver the USA intends to take a position. It looks like a real economic war. Crude oil exports account for 60% of Russian economic revenue.
On March 8 the Brent future rose by 6.07% to 129.28 dollars, while the Wti future advanced by 5.23% to 124.61 dollars. Record high prices fueling the commodity rush and inflation.
The ban on new transactions for Russian energy imports takes effect immediately, but the U.S. will give companies 4-5 days to liquidate existing contracts, a senior Biden administration official said.
New U.S. investments in the Russian energy sector are also prohibited. Traders and refiners voluntarily cut U.S. imports of Russian crude and products after the invasion of Ukraine.
Flows have fallen to about 200,000 b/d of Russian oil products since January, with 65% of that fuel oil and 20% of diesel and 37,000 b/d of Russian crude.
The new U.S. limits should not have much of an impact on coal or LNG markets, as U.S. import volumes are minimal.
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