Washington [US], March 8 (ANI): US President Joe Biden on Tuesday announced the banning of Russian oil, natural gas and coal imports to the US in response to the Russian invasion of Ukraine. “Today I am announcing the United States is targeting the main artery of Russia’s economy. We’re banning all imports of Russian oil and gas and energy,” Biden said in remarks from the White House. “That means Russian oil will no longer be acceptable at US ports and the American people will deal another powerful blow to Putin’s war machine.”
The move made by the US is unilateral, without its European allies. Notably, there were some disagreements among European nations about whether to ban Russian energy imports. Notably, EU countries have significantly more dependent on Russian energy than the US. US imports from Russia make up a small slice of the American energy portfolio — roughly 8 per cent in 2021, of which only about 3 per cent as crude oil.
The Department of Energy reported that in the last two weeks of February, Russian oil imports dropped to zero as US companies cut ties with Russia, effectively implementing their own ban, reported CNN. The leaders of Germany, the United Kingdom and the Netherlands on Monday said Europe was too dependent on Russian energy supplies to stop imports overnight as part of any eventual sanctions package in response to the invasion of Ukraine.
German Chancellor Olaf Scholz said that although Berlin supported tough measures against Moscow, Russian energy supplies remained “essential” for daily life in Europe. “Europe’s supply with energy for heating, for mobility, power supply and for the industry cannot at the moment be secured otherwise,” Scholz said in a statement.
Russia is the largest supplier of natural gas to Germany, currently accounting for 38 per cent of imports, according to government statistics. Gas accounts for around a fifth of German power production reported DW. (ANI)
Zelenskyy thanks Biden for banning energy imports from Russia
Kyiv [Ukraine], March 9 (ANI): Ukrainian President Volodymyr Zelenskyy thanked US President Joe Biden Tuesday banning Russian oil, natural gas and coal imports to the US. “Thankful for US and @POTUS personal leadership in striking in the heart of Putin’s war machine and banning oil, gas and coal from US market,” Zelenskyy tweeted.
Biden on Tuesday announced the banning of Russian oil, natural gas and coal imports to the US in response to the Russian invasion of Ukraine.
“Today I am announcing the United States is targeting the main artery of Russia’s economy. We’re banning all imports of Russian oil and gas and energy,” Biden said in remarks from the White House. “That means Russian oil will no longer be acceptable at US ports and the American people will deal another powerful blow to Putin’s war machine.”
The United Kingdom also announced that it will phase out imports of Russian oil by the end of the year. UK Business Secretary Kwasi Kwarteng on Tuesday said that the phasing out of imports will not be immediate, but instead will allow the UK more than enough time to adjust supply chains, supporting industry and consumers. Notably, there were some disagreements among European nations about whether to ban Russian energy imports.
EU countries have significantly more dependence on Russian energy than the US. US imports from Russia make up a small slice of the American energy portfolio — roughly 8 per cent in 2021, of which only about 3 per cent as crude oil.
Putin signs decree on special economic measures to secure Russia’s economy
Moscow [Russia], March 9 (ANI/Sputnik): Russian President Vladimir Putin has signed a decree introducing special economic measures to enhance Russia‘s security in external trade, the official website for legal information said on Tuesday. The decree allows the government to impose restrictions on exports from and imports to Russia of products and raw materials in regards to particular countries, the list of which it can define later.
“For the purposes of ensuring the security of the Russian Federation and uninterrupted functioning of manufacturing industry, I order… to enforce the following special economic measures until December 31, 2022, [including] ban on the export from… and import to the Russian Federation of products and (or) raw materials, according to the list determined by the Russian government,” the decree reads.
The decree also stipulates that such measures will not apply to products and raw materials exported from Russia or imported into the country by Russian citizens, foreign citizens and stateless persons for personal use. The government was ordered to determine the lists of foreign states, which will be subject to restrictions on imports and exports, within two days. (ANI/Sputnik)
Central Bank of Russia limits foreign cash withdrawals until Sept 9
Moscow [Russia], March 9 (ANI): The Central Bank of Russia (CBR) on Wednesday said it is imposing a USD 10,000 limit on foreign cash withdrawals from foreign currency accounts by clients until September 9. “From March 9 to September 9, 2022, the Bank of Russia establishes the following procedure for cash withdrawal from foreign currency deposits or accounts of citizens: all customer funds on foreign currency accounts or deposits are saved and accounted for in the deposit currency, the client can withdraw up to USD 10,000 in cash, and the rest of the funds – in rubles at the market rate on the withdrawal day,” the CBR was quoted saying by Sputnik.
“In Russian banks, about 90 per cent of foreign currency accounts do not exceed the amount of USD 10,000, that is, 90 percent of holders of foreign currency deposits or accounts will be able to fully receive their funds in cash,” the CBR said.
The statement further said banks will not sell foreign cash to citizens while the new regulations are in place, and added that the special measures were imposed due to restrictions on the inflow of dollars to Russia imposed by Western nations.
A number of countries, including Japan, South Korea and Australia, have also slapped financial sanctions and travel bans against Russia. They are mulling new targeted penalties to freeze assets and restrict travel against Russia’s most influential political and military officials. (ANI)
