In another major escalation of the stand-off between the West and Russia over its ‘military operations’ in Ukraine, the United States announced that it will impose an embargo on all imports of Russian oil into the country. He said: “Russian oil will no longer be accepted at US ports — and the American people will deal another powerful blow against Putin’s war machine,”
He followed this up with another tweet which asserted that Putin will never be able to “take over” Ukraine, although the official Russian stance is that the operations are aimed at “demilitarization” and not regime change or territorial encroachment.
This much is already clear: Ukraine will never be a victory for Putin.
— President Biden (@POTUS) March 9, 2022
Putin may be able to take a city — but he will never be able to hold the country.
A US embargo on Russian oil has worried global markets as the conflict built up into its second week. House of Representatives Speaker Nancy Pelosi had also announced a week earlier that lawmakers were working on such legislation to ban Russian oil imports in a bid to hurt its economy and state budget.
Brent Crude Oil (Continuous Contract) prices are $131.09 today, and traders have been speculating on the derivatives market for it to reach up to $200 per barrel. Russian Deputy Prime Minister Alexander Novak had said that crude oil prices would touch $300, and it would cut off supply of oil and gas to Europe through the Nord Stream 1 pipeline: “We have every right to take a matching decision and impose an embargo on gas pumping through the Nord Stream 1 gas pipeline.”
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