Both the US and UK will ban Russian oil in response to the war in Ukraine, the countries’ leaders announced today (March 8).
The countries are moving forward on sanctions without Europe, which is more heavily dependent on Russia for energy. “Many of our European allies and partners may not be in a position to join us,” US president Joe Biden said on a speech today. “We can take this step while others cannot.”
The Brent crude benchmark, which prices most of the world’s oil, rose to a record high of $133 a barrel ahead of the news before dropping below $130 later in the day.
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