In the face of soaring gasoline costs in the United States — the average price has surpassed $4 per gallon for the first time since 2008 — the Biden administration has imposed more sanctions on Russia, including a ban on oil imports.
For the time being, a comprehensive US-European ban looks difficult. On Monday, German Chancellor Olaf Scholz stated unequivocally that his nation, Europe's single-largest purchaser of Russian energy, had no intention of joining any boycott. In response, Deputy Secretary of State Wendy Sherman intimated that the United States may strike alone or with a smaller group of partners.
Russia accounted for around 8% of US imports of oil and petroleum products last year. In 2021, imports totalled the equivalent of 245 million barrels, or nearly 672,000 barrels of oil and petroleum products per day. However, Russian oil shipments vary and have been fast dropping as consumers avoided the fuel.
However, if Russia is cut off from the global market, rogue countries such as Iran and Venezuela may be "welcomed back" as oil suppliers, according to Galimberti. Such new sources may, in turn, help to stabilize prices.
Russian President Vladimir Putin's actions have elicited unprecedented worldwide outrage, with dozens of nations imposing severe penalties on the Kremlin, its ultra-rich oligarchs, and even Putin himself. Russia's currency has fallen in value, its stock exchange has shuttered, and a rising number of businesses have withdrawn their operations out of the nation.