#russia #ukraine #usa #usa #sanctions #oil #economy #finance

This morning the President of the United States of America, Joe Biden, announced a ban on the purchase of Russian oil and gas by the United States.

This within the actions that seek to put pressure on the Russian economy and discourage the invasion that Putin ordered of Ukraine.

Oil prices have soared to a 14-year high.

This would most likely influence the rise in consumer fuel prices. In reference to this, Biden expressed:

"Today's decision is not without cost here at home."

To seek to alleviate this bullish effect, he also commented that USA. and its allies are going to release 60 million barrels of its reserves. 30 million of which will be from USA reserves.

“Russian aggression is costing us all and this is not the time to speculate or raise prices,” said President Biden.

Germany, one of the allies, has stated that it cannot join this ban on the purchase of Russian oil, while some other allies, such as the United Kingdom, are expected to issue a similar ban soon.