BREAKING: A U.S. embargo on Russian oil would mark a new step in the crippling slate of sanctions imposed by Washington on Russia's economy, targeting a sector that accounts for more than one-third of Moscow’s annual income.
A U.S. embargo on Russian oil would mark a new step in the crippling slate of sanctions imposed by Washington on Russia's economy, targeting a sector that accounts for more than one-third of Moscow’s annual income.
The Biden administration and European allies had exempted Russian energy exports, fearing that penalties on the sector could drive record prices even higher. But prices have surged in recent days as refiners and traders feared the sanctions would come anyway. Europe, which is heavily depending on Russian gas, is not expected to join the ban, with German Chancellor Olaf Scholz arguing in a in a statement on Monday that “Europe has deliberately exempted energy supplies from Russia from sanctions.”