US President Joe Biden on Tuesday announced a ban on Russian oil and gas imports to the United States in retaliation for Russia’s military offensive in Ukraine, injecting more uncertainty into how the conflict and energy crisis will be resolved.The US’s European partners followed with pressure of their own. The United Kingdom said it would phase out imports of Russian oil and oil products by 2022, while the European Union said it would slash Russian gas imports to Europe by 66 percent by the end of the year.Russia plays a pivotal role in the global energy supply and destabilisation could send shock waves through the global economy – one that is already reeling from supply shortages, bottlenecks, and price pressures caused by the coronavirus pandemic.
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