The United States stops importing Russian oil

The US President announced a ban on the import of Russian oil in the early hours of Tuesday evening, according to what was reported by Reuters. The United States will also stop importing liquefied natural gas and other energy sources from Russia.

“Only Saudi Arabia is bigger”

The US decision is said to have been taken in consultation with EU countries, but the union, led by German Chancellor Olaf Scholz, recently made clear on Monday that the effects would be too great for the European economy to contend with Russia’s energy stalemate. .

Russia is the second largest exporter of crude oil in the world, and only Saudi Arabia is the largest. Under more normal conditions, the country exports about five million barrels of oil per day to the rest of the world, brochures of which go to European customers, Christian Kupfer, commodities analyst at Handelsbanken, tells SVT News.

Historic highs

The British government is also expected to issue a statement on Tuesday. According to Politico correspondent Alex Wickman, the UK intends to reduce Russian oil and gas imports over time. Canada had earlier announced a ban on Russian oil.

Russian oil accounted for 3 percent of US oil imports last year. Oil prices touched historic highs when US Secretary of State Anthony Blinken announced over the weekend that a Russian oil embargo was being considered.

The record rise in commodity prices in the wake of Russia’s attack on Ukraine and Western sanctions, among others, has led the International Monetary Fund to warn of dire consequences for the global economy.