This month President Biden signed a law that bans all Russian imports of oil, gas and coal to the U.S. House Speaker Nancy Pelosi, D-Calif., and other Congressional Democrats led the charge on banning Russian oil imports. were to move to ban Russian oil imports immediately, he said global oil prices would increase. “An immediate European oil ban could affect nearly 4 million barrels per day of Russian petroleum and would apply excessive upward pressure on global oil prices,” Dargin said. He noted that a complete cessation of Russian oil imports to the EU could drive prices to as much $200 a barrel globally.

Source: The Guardian April 26, 2022 03:46 UTC