The United States and the United Kingdom are suspending fuel imports

The United States and the United Kingdom have announced that they will suspend gas, oil and coal imports from Russia in retaliation for the conflict in Ukraine. The European Union has not complied, but has announced plans to reduce Russian gas imports by 2/3 within a year. About 40% of the fuel needs of European countries are met by Russians.

Announcing the White House’s restrictions, President Joe Biden said the move was aimed at “attacking the main artery of Russia’s economy,” adding that the ban would be “another powerful blow to Putin’s war machine.”

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The United States imports about 700,000 barrels of oil a day from Russia, which accounts for about 10% of the country’s energy supply. Europe, which has not yet banned Russian energy, is highly dependent on it, importing more than 4 million barrels a day.

The White House chief also said that American businessmen would be barred from financing or operating foreign companies that invest in Russian energy production.

As of January 2022, Russia extracted 11.3 million barrels a day, lagging behind Saudi Arabia and the United States in production, but the report states that the Russians are the world’s largest crude exporters. International Energy Agency (IEA).

About 60% of Russia’s oil exports go to Europe, of which about 2% goes to the UK, while 8% goes to the US and 20% to China.

With a capacity of 766 million cubic meters per year, Russia is also the world’s largest producer of natural gas.

During the nearly two weeks of conflict in Ukraine, oil prices soared to US $ 130 per barrel – the highest value in six years.

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The decision could push up the final price of fuel for consumers.

Last week, Russia was targeted Unprecedented unilateral compulsory measures In the 21st century, it was banned from the financial system SwiftIn addition to cultural and sporting events such as the World Cup, the closure of borders with Europe and the suspension of gas pipeline certification Nort Stream 2.

Despite Russian officials announcing their readiness to impose sanctions on the West, The impact on the economy is already real. In one week, the ruble depreciated by about 60%, with two large cargo and container shipping companies shutting down their operations in Russia, as well as other companies closing their doors.

Mohamed Burgundy, secretary-general of the Organization of the Petroleum Exporting Countries (OPEC), has warned that a total embargo would not be enough to fill the gap left by Russian oil.

“The world does not currently have the capacity to convert 7 million barrels of exports”, Said At the Energy Conference held in Houston last Monday (7th).

Editing: Thales Schmidt