Publish Date: | Wed, 09 Mar 2022 08:01 AM (IST)
Russia Ukraine crisis: Economic sanctions against Russia are expanding in protest against the attack on Ukraine. Many well-known companies have announced not to work in Russia. Now the names of McDonald’s, Starbucks, Coca-Cola, PepsiCo and General Electric have also been added to this list. Global brands and American corporate icons, all these companies have announced that they are temporarily suspending their business in response to Russia’s invasion of Ukraine. Earlier, international energy company Shell, German sportswear maker Adidas, cosmetics company Estee Lader and Calvin Klein etc. have also announced to wrap up their activities in Russia. Carmaker Volkswagen has stopped taking orders for several hybrid models. McDonald’s has also announced the closure of 850 of its restaurants in Russia.
Countries will not buy oil from Russia
Meanwhile, the US has banned imports of oil, natural gas and coal from Russia. Britain has also announced to phase out imports of oil and oil products from Russia by the end of this year. At the same time, the European Union is also preparing to reduce its dependence on Russian gas by two-thirds by the end of this year. Ukrainian President Volodymyr Zelensky has repeatedly requested the US and Western countries to cut Russian oil imports.
“We are stopping imports of oil and gas energy from Russia. This will be a big blow to Putin from the American people,” Biden told reporters at the White House. Biden will sign an executive order banning imports of oil, liquefied natural gas (LNG) and coal from Russia, the White House said. With this, American citizens will also not be able to invest in Russia’s energy sector.
Putin will not be able to conquer Ukraine
Biden said that even though Russia is moving forward crushing everything in Ukraine, it can capture only one or two cities. The whole of Ukraine will never be occupied by Russia. Putin will have to pay a heavy price for this.
US oil prices rise
Even before the announcement of sanctions on imports of oil from Russia, there has been a huge jump in oil prices in America. Last week the price of gasoline was 45 cents a gallon, which has reached $4.06 on Monday. The US normally imports 100,000 barrels of crude oil per day from Russia, which is about five percent of its total exports.
EU will cut dependence on Russia for gas by the end of the year
The European Union plans to cut Russia’s dependence on natural gas by two-thirds by the end of the year. It states that the European Union will completely eliminate imports of oil, natural gas and coal from Russia before 2030. In this regard, a two-day meeting of the countries of the European Union is also going to be held in Paris from Thursday. Russia supplies 40 percent of the gas needed by European countries.
Russia also warned of ban on export of oil
According to Reuters, Russia has also warned of sanctions on oil exports. Russian Deputy Prime Minister Alexander Novak said last week that his country had to stop the Nord Stream 1 pipeline supplying gas between Russia and Germany in response to Germany’s announcement of halting work on the Nord Stream 2 pipeline. Has the right to. He said that if the US and its allies impose sanctions on oil imports from Russia, then the price of crude oil could cross $ 300 per barrel.
Posted By: Arvind Dubey