Joe Biden is set to ban Russian oil on Tuesday and all Russian commodities, including natural gas and coal. Considering that energy is as vital to Russia’s economy as any country in the world, this move could cripple Russia’s economy.
Biden is set to announce “actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine.”
In 2020, Russia was number three in the world for oil production, and it’s safe to say their ranking will fall in 2021.
Russian President Vladimir Putin could be dealing with a bit of a dilemma because his country relies on oil revenue to finance its military and government. If other countries in Europe and worldwide follow suit, the impact could be crippling for Russia.
Word is the UK will ban Russian oil Tuesday too, and the entire EU reportedly is looking at cutting their Russian oil imports by 66% in 2022.
The blowback will be painful for average Americans, as gas prices could soar to $5 per gallon and maybe even higher. Oil prices could hit $150 per barrel or more.
With the latest round of sanctions, Russia has eclipsed Iran, Syria, North Korea, and Venezuela to become the most sanctioned country in the world. They are the baddest of the bad actors.
Since February 22nd, over 2,778 new sanctions have been placed on Russia, raising their world to 5,530, according to Morning Brew. Iran has rung up 2,616 sanctions for its role in financing terrorism in the Middle East and trying to develop a nuclear bomb.
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