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The United States stops buying oil from Russia.

This will be announced by the president, Joe Biden, in the next few hours.

It is one more step in the economic measures against the Russian invasion of Ukraine, and represents

a qualitative leap in the pressure against Vladimir Putin's country

, which until the start of hostilities obtained more than a third of its tax revenue from the sale of gas and oil abroad.

The measure has a highly symbolic component.

The United States only obtains from Russia 1% of its consumption and 3% of its imports of crude oil.

When oil derivatives are also added, the figure reaches 8% of consumption.

Preliminary data from the US Department of Energy reveal that, in the last week of February, that country did not buy Russian oil.

However, the decision to suspend purchases will deal a further blow to Russia's oil exports.

Last week

the volume of crude oil contracts fell by 70%

due to the financial sanctions imposed on Russia.

The cancellation of purchases by the United States implies, therefore, that the pressure on Moscow will continue.

This is a unilateral measure by the United States.

European countries, which are much more dependent on Russian oil and gas, are not planning to announce decisions at the moment.

The European Union, however, wants to reduce its energy dependence on Russia by 90% this year.

It is a tremendously ambitious objective, which can add more tensions to the world energy market.

Another consequence of Biden's decision is going to have an impact on the price of oil, which, since the invasion of Ukraine, has risen by more than 40%.

In the United States, the price of a gallon of gasoline (about 3 liters and a half) has broken the psychological barrier of four dollars (about 3.7 euros), and is expected to continue to rise.

The consequences are going to be very negative in the field of the fight against inflation.

Most experts believe that US economic growth will slow in 2022. Worse may be for the European Union, which could easily slip into recession.

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Know more

  • United States

  • Russia

  • Ukraine

  • European Union

  • Joe Biden

  • War Ukraine Russia

Russian invasion of Ukraine Biden announces closure of US airspace to Russian airlines

InvasionWhy war broke out between Russia and Ukraine: chronology of the conflict

Economy The US is in talks with Europe to ban the purchase of Russian oil

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