The war that Russia has waged against Ukraine is paying a heavy price. There has been another economic attack on Russia, which is facing sanctions from different countries. Actually, America has banned oil, gas and energy imported from Russia. The US has taken this decision at a time when crude oil prices have crossed the level of $140 per barrel in the international market.
What Biden said: Addressing the media, US President Joe Biden said that we are banning all imports of gas, oil and energy from Russia. Biden said that we are proceeding with this ban, understanding that many of our European allies and partners may not be in a position to join us. Let us tell you that like America, the British government can announce a ban on imported oil from Russia at any time.
Petrol Price in America: The average price of a gallon of petrol in the US reached a record $4.17 on Tuesday. On the other hand, US petrol reserves have seen a decline during the last one week. With the arrival of summer season, the demand for petrol in the country is also increasing. Due to increase in demand for petrol and decrease in aggregate supply, its prices are increasing continuously. However, the jump in crude oil prices is the main reason for this increase.
Read this-Economic attack on Russia, America and Britain will ban oil imports!
Russia banned trading: Meanwhile, Russia has temporarily suspended stock market trading for Wednesday. This means that there will be no stock market trading on the Moscow Exchange. Actually, there is a fear that due to US sanctions on Russia, Russia’s stock market may crash badly. Because of this, investors can get hit hard. To prevent these situations, trading has been banned.