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| Due to sanctions world's oil prices may rise | Photo: Reuters |
The US Treasury Department said it has imposed sanctions on more than 180 of Russia's ships, as well as oil companies Gazprom Neft and Sargatneft Gas, to fulfill a G7 pledge to reduce Russia's revenue from the energy sector.
At the same time, the UK government announced sanctions on two Russian companies, saying their profits were funding Russian President Vladimir Putin's war in Ukraine and fueling the war.
In this regard, British Foreign Secretary David Lammy said in a statement, "This action against Russian oil companies will drain Russia's war funds. Every ruble taken from us by Putin will help save Ukrainian lives."
In addition, Biden told reporters at the White House on Friday, "Putin is in a difficult position right now. And I think it's really important that he has no breathing room to continue the terrible things he's been doing."
Russian state-run news agencies reported that Gazprom Neft condemned the sanctions, calling them "baseless" and "illegal."
Meanwhile, the news of the sanctions has increased the price of fuel oil in the global market. At 4:45 pm local time yesterday, the price of Brent crude oil increased by 3.6 percent per barrel. As a result, the price per barrel stood at $79.68.
Asked about gasoline prices, Biden said the cost could increase by three to four cents per gallon. But he stressed that "the sanctions will have a deeper impact on Russia."
Rumors about the sanctions spread even before they were officially announced. At the time, Kremlin spokesman Dmitry Peskov strongly condemned the US decision, telling reporters that the Biden administration was leaving "as difficult a legacy as possible" before handing over power to new President Donald Trump.
The US Treasury Department said the US has imposed sanctions on 400 Russian individuals and entities, including 183 oil tankers, Russian oil traders and oilfield service providers, two major Russian oil companies, and more than two dozen of their subsidiaries.
Meanwhile, Ukrainian President Volodymyr Zelensky praised the sanctions. In a post on social media, he said, "This move to disrupt oil supplies will deal a major blow to the financial foundation of the Russian war machine (President Putin)."