US, UKRAINE, RUSSIA: US President Joe Biden has decided to ban Russian oil imports, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine, according to a person familiar with the matter.
The move follows pleas by Ukrainian President Volodymyr Zelenskyy to U.S. and Western officials to cut off the imports, which had been a glaring omission in the massive sanctions put in place on Russia over the invasion. Energy exports have kept a steady influx of cash flowing to Russia despite otherwise severe restrictions on its financial sector. The U.S. will be acting alone, but in close consultation with European allies, who are more dependent on Russian energy supplies. European nations have said they plan to reduce their reliance on Russia for their energy needs, but filling the void without crippling their economies will likely take some time. Natural gas from Russia accounts for one-third of Europe’s consumption of the fossil fuel. The U.S. does not import Russian natural gas.
Biden had explained his reluctance to impose energy sanctions at the outset of the conflict two weeks ago, saying that he was trying “to limit the pain the American people are feeling at the gas pump.”
The United States generally imports about 100,000 barrels a day from Russia, only about 5% of Russia’s crude oil exports, according to Rystad Energy. Last year, roughly 8% of U.S. imports of oil and petroleum products came from Russia.
Meanwhile, McDonald’s, Starbucks, Coca-Cola, PepsiCo and General Electric — ubiquitous global brands and symbols of US corporate might — all have announced they were temporarily suspending their business in Russia in response to the country’s invasion of Ukraine.
The Chicago-based burger giant said it will temporarily close 850 stores but continue paying its 62,000 employees in Russia “who have poured their heart and soul into our McDonald’s brand”.
Last Friday, Starbucks had said that it was donating profits from its 130 Russian stores — owned and operated by Kuwait-based franchisee Alshaya Group — to humanitarian relief efforts in Ukraine.
– INDIAN EXPRESS,THE HINDUSTAN TIMES