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Biden bans all energy imports from Russia, with 45 days to close the contracts. We will see what happens to the price of diesel

President Biden has imposed a ban on all energy imports from Russia: oil, derivatives, liquefied natural gas, coal. The ban is immediate for new contracts, delayed to 45 days for existing contracts that must be closed within that term .

"The United States is targeting the main artery of the Russian economy," Biden said Tuesday morning, "adding" We will not participate in the financing of Putin's war. "

The US move will be partially imitated by the UK, which announced a ban on Russian oil imports, although it will continue to allow imports of natural gas and coal from Moscow.

Russian oil accounted for about 3% of all crude shipments arriving in the United States last year. If other petroleum products are included, such as unfinished fuel oil that can be used to make gasoline and diesel, Russia accounted for around 8% of 2021 oil imports, although these shipments also had a downward trend. in the last months. It must be said that diesel fuel has always been growing strongly in recent months in Russian exports to Washington

In general, however, the US is only 1% of Russian oil exports.

While the Russian import ban will not affect overall US consumption much, Europe is in a much more different situation, as Eurostat imports around 4 million barrels per day of Russian crude oil, which accounts for around 27% of oil imports. crude oil in Europe (based on 2019 data provided by the European Commission). So for now the EU will not apply this type of sanctions, even if an overall strategic repositioning seems obvious.

Last month, Canada announced it will ban all imports of crude oil from Russia, a completely symbolic move since it hadn't imported any since 2019.


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The Biden article bans all energy imports from Russia, with 45 days to close the contracts. We will see what happens to the price of diesel comes from ScenariEconomici.it .


This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/biden-mette-al-bando-tutte-le-importazioni-energetiche-dalla-russia-con-45-giorni-di-tempo-per-chiudere-i-contratti-vedremo-che-fine-fara-il-prezzo-del-diesel/ on Tue, 08 Mar 2022 21:52:43 +0000.