WEST SLAMS RUSSIA WITH OIL EMBARGOES AND GAS PRICE CUTS

  • 09/03/2022

The United States and the United Kingdom have banned Russian oil, and the European Union is weaning itself off Russian gas, ratcheting up the economic response to Ukraine's invasion.

According to US Vice President Joe Biden, the measure is aimed at "the primary artery of Russia's economy." Energy exports are an important source of money for Russia, but the change is expected to have an impact on Western customers.

Meanwhile, major corporations have continued to withdraw from Russia, with McDonald's and Coca-Cola among the most recent departures. The Russian economy is strongly reliant on energy. It is the world's third-largest oil producer, trailing only Saudi Arabia and the United States. Prior to the announcement of the measures, Russia warned of "catastrophic" effects for the world economy and threatened to shut down its main gas pipeline to Germany.

Related News

Israel PM reaffirms his plan to attack Rafah with ground for ...
  • 12/03/2024
Pakistan ex-PM Imran Khan jailed for 10 years
  • 30/01/2024
ICJ orders Israel to stop genocide acts in Gaza
  • 26/01/2024
Iran bomb blast: More than 100 killed
  • 03/01/2024
Russia-Ukraine war: 14 killed in Russia’s Belgorod in shelli ...
  • 30/12/2023
Russia-Ukraine war: Biggest aerial attack on Ukraine cities
  • 30/12/2023
South Africa launches genocide case against Israel at UN Cou ...
  • 30/12/2023
Pakistan PM declares prohibition on New Year festivities
  • 30/12/2023
Health Ministry of Gaza: 20,057 people dead
  • 22/12/2023
Gaza Health Ministry: Over 15,500 killed in Gaza
  • 09/12/2023
14 dead in a fire at university dormitory in Iraq
  • 08/12/2023
Mount Merapi eruption: 11 hikers dead
  • 04/12/2023