U.S and U.K announce ban on Russian Oil

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U.S and U.K announce ban on Russian Oil

The US and UK are banning Russian oil and the EU is ending its reliance on Russian gas as countries harden their response to the invasion of Ukraine.

US President Joe Biden said the move targeted “the main artery of Russia’s economy”.

He spoke soon after the European Commission said it would reduce EU demand for Russian gas by two-thirds – the EU gets 40% of its gas from Russia.

The move is likely to mean higher petrol prices and bills for consumers.

Russia’s economy is heavily dependent on energy. It is the world’s third biggest oil producer, behind Saudi Arabia and the US.

Before the measures were announced, Russia warned of “catastrophic” consequences for the global economy and said it might close its main gas pipeline to Germany.