Biden Acknowledges Potential Impact on Americans from Russia Sanctions
US President Joe Biden has acknowledged that the implementation of new sanctions on Russia's oil industry could lead to an increase in gas prices. Read Full Article at RT.com.
TroibNews 
US President Joe Biden acknowledged that the latest round of American sanctions aimed at Russia’s oil sector might have repercussions for everyday Americans, potentially resulting in a slight uptick in gas prices.
On Friday, the US Treasury Department announced a comprehensive set of sanctions against Russia, coordinated with the UK. These measures focus on two key oil producers, Gazprom Neft and Surgutneftegaz, along with their subsidiaries and entities involved in insurance and transportation services. Additionally, over 180 vessels alleged to be part of a ‘shadow fleet’ transporting Russian oil in defiance of Western restrictions were sanctioned.
When asked if he was worried that the sanctions might cause gas prices to rise, Biden indicated that the possibility exists. “It is probable that gas prices could increase by as much as three or four cents a gallon, but the sanctions will have a more significant impact on Russia’s ability to continue its actions in the conduct of war,” he stated.
Biden emphasized that these restrictions would significantly affect the growth of Russia’s economy and are intended to impair Moscow’s capability to fund its military operations.
The announcement of the sanctions comes less than two weeks before the conclusion of Biden’s presidency. President-elect Donald Trump has criticized Biden’s handling of the Ukraine situation and has promised to resolve the conflict quickly.
Moscow has dismissed the sanctions as “illegal.” President Vladimir Putin claimed that Russia has adapted to the challenges brought about by the sanctions, asserting they have fostered growth in domestic industries.
In response to the new restrictions, Russian Foreign Ministry spokeswoman Maria Zakharova remarked that Biden’s legacy would be defined by the “mess” he leaves behind.
Following the sanctions announcement, oil prices rose by nearly 3% on Friday, reaching a three-month high due to trader expectations of supply disruptions from the expanded measures.
Jessica Kline for TROIB News
On Friday, the US Treasury Department announced a comprehensive set of sanctions against Russia, coordinated with the UK. These measures focus on two key oil producers, Gazprom Neft and Surgutneftegaz, along with their subsidiaries and entities involved in insurance and transportation services. Additionally, over 180 vessels alleged to be part of a ‘shadow fleet’ transporting Russian oil in defiance of Western restrictions were sanctioned.
When asked if he was worried that the sanctions might cause gas prices to rise, Biden indicated that the possibility exists. “It is probable that gas prices could increase by as much as three or four cents a gallon, but the sanctions will have a more significant impact on Russia’s ability to continue its actions in the conduct of war,” he stated.
Biden emphasized that these restrictions would significantly affect the growth of Russia’s economy and are intended to impair Moscow’s capability to fund its military operations.
The announcement of the sanctions comes less than two weeks before the conclusion of Biden’s presidency. President-elect Donald Trump has criticized Biden’s handling of the Ukraine situation and has promised to resolve the conflict quickly.
Moscow has dismissed the sanctions as “illegal.” President Vladimir Putin claimed that Russia has adapted to the challenges brought about by the sanctions, asserting they have fostered growth in domestic industries.
In response to the new restrictions, Russian Foreign Ministry spokeswoman Maria Zakharova remarked that Biden’s legacy would be defined by the “mess” he leaves behind.
Following the sanctions announcement, oil prices rose by nearly 3% on Friday, reaching a three-month high due to trader expectations of supply disruptions from the expanded measures.
Jessica Kline for TROIB News
