US President Joe Biden says the move is aimed at hitting the main artery of Russia’s economy.
United States President Joe Biden has imposed a ban on Russian oil and gas.
And the United Kingdom announced it will phase out imports of Russian oil by the end of the year.
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Before those measures were announced, Russia warned of “catastrophic” consequences for the global economy.
The US and its allies have agreed to release 60 million barrels of oil reserves to help offset any shortages.
But what are the consequences for the rest of the world?
Presenter: Adrian Finighan
Ben Cahill – Senior fellow, Energy Security and Climate Change Program, Center for Strategic and International Studies
Cornelia Meyer – Economist and CEO of the consulting firm Meyer Resources
Leonid Savin – Chief editor of Geopolitica.ru and political analyst