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
The 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
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