President Biden announced an embargo on the importation of Russian oil, gas and energy into the US as part of economic sanctions. Also the UK is to phase out the import of Russian oil and oil products by the end of 2022. These moves will reduce the US annual supply of oil and refined products by 8%, with crude falling 3%. In the case of the UK, overall oil supply would drop by 8% and diesel by 18%.
President Biden said that he understands many allies may not be able to join these sanctions, however the US and its allies will put further pressure on Putin. US will also share in responsibility of caring for refugees from Ukraine
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile appThe US president expects that gas prices will go up further, and asked companies not to engage in excessive price hikes.
Biden emphasized that ongoing Russian aggression is a reminder that the US needs to be energy independent and should be motivated to accelerate the move to cleaner energy.
Silver rose over 4% during today's session and upward move accelerated sharply during Biden's speech. At the moment the price is approaching psychological resistance at $27.00. Source: xStation5
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
