LIVE UPDATES ON THE WAR BETWEEN RUSSIA AND UKRAINE: The United States has imposed a restriction on Russian oil imports, and the United Kingdom has agreed to cooperate with the embargo. According to AFP, US Vice President Joe Biden announced a ban on US imports of Russian oil on Tuesday, the administration's most far-reaching move yet to punish Moscow for invading Ukraine.
Source : IPOINFO
Despite the anticipated impact on already-soaring petrol costs, Democrats threatened legislation to force Biden's hand. "All Russian oil, gas, and energy imports are prohibited." Meaning Russian oil will not be accepted at US ports, and the American people will give (President Vladimir) Putin another powerful blow," Biden said in a White House address, adding that the decision was made "in close collaboration" with partners. Joe Biden, the Vice President of the United States Meanwhile, Britain declared on Tuesday that it would halt Russian oil imports by the end of the year, in accordance with new sanctions imposed by the United States in response to the invasion of Ukraine.
"This transition will provide enough time for the market, businesses, and supply chains to exchange Russian imports, which account for 8.0 percent of UK demand," said Business Secretary Kwasi Kwarteng in a tweet. The oil embargo does not apply to Russian fuel, which makes up about 4% of UK supply. Kwarteng, on the other hand, claimed he was "exploring options to finish this totally." The announcement coincided with US President Joe Biden's proclamation of a Russian oil embargo. Nickel prices have risen by over 100% in the last few days as a result of the Russia-Ukraine conflict, which has caused a shortage of the metal. Threatening to halt battery manufacture for electric vehicles. Russia provides around 10% of the world's nickel requirements.
The EV industry's margins may also be dragged by higher prices. On March 8, nickel prices jumped by as much as 111 percent, briefly reaching $100,000 per tonne. The London Metal Exchange (LME) paused trading due to the spike, with three-month nickel trading at $80,000 per tonne, up 66 percent. To avoid this, US President Joe Biden supports a quick transition to electric vehicles. "Tyrants like Putin" are waging a war on fossil energy. "Relaxing environmental regulations will not result in lower prices. However, we must alter our economy to rely on electric automobiles that are powered by renewable energy. This means that no one will have to be concerned about rising petrol prices. "Tyrants like Putin will no longer be able to use fossil fuels as a weapon," Biden stated.