President Joe Biden has announced that the U.S. will ban all Russian oil imports, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine.
Senator Graham said the entire economy of Russia depends on the oil and gas sector, and the U.S. should shut it off.
Oil futures are now more than $100 per barrel, a price not seen since 2014.
Analysts say a Russian invasion of its neighboring country would be matched with severe financial sanctions. That would likely lead the Kremlin to withhold oil from the world market, which is already struggling to stay afloat with demand.
Russian forces are still massing on the Ukrainian border, and the U.S. is warning Russia could choose to attack at any moment. A further Russian invasion there could cost you money here at home.
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President Joe Biden has ordered 50 million barrels of oil released from the strategic reserve to help bring down energy costs, in coordination with other major energy consuming nations, including China, India, and the United Kingdom.
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