The United States has banned the import of fossil fuels from Russia. President Joe Biden made the announcement in his speech. Through this move, the White House wants to increase pressure on Russia, which relies heavily on its revenues for oil, gas and coal sales.
The United States imports only a small portion of its oil and gas from Russia. So it’s going to have a small impact on the United States, says Lucia van Kyuns, an energy expert at The Hague Center for Strategic Studies. “The United States is a major oil producer and Russia exports about 8 percent to the United States. Europe imports most from Russia, about 60 percent, and all the rest goes to Asia or China.
So it is easier for the United States to enforce the embargo than for the EU. “That’s why the EU is not directly involved,” he said. The British want to halt Russian oil imports later this year. “The UK does not import much oil, maybe a little more diesel.”
The EU wants to become less dependent
Meanwhile, the European Commission is proposing plans to make Europe less dependent on Russian gas. The European Union must reduce Russian gas imports to zero by 2030. ‘It is very ambitious. Next winter, the EU wants to use less than two-thirds of Russia’s gas. However, I am skeptical about whether to import more LNG. But in the summer, savings will have to be fully replenished across Europe, ‘said Van Quenz. Gas consumption should be reduced as needed. ‘In addition, the EU wants to accelerate the transition to sustainable energy when issuing permits for solar and wind energy. Very ambitious. ‘
These sanctions are in addition to measures that hurt Russian banks. Many banks in the country have been banned from SWIFT, the International Monetary Fund’s news organization, making transactions very difficult.
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