EU considers energy sanctions on Russia after nuclear power plant attack
- EU foreign affairs ministers are meeting Friday in Brussels to discuss next steps as Moscow continues to bombard Ukraine.
- Three European officials, who did not want to be named due to the sensitivity of the talks, told CNBC that ministers will be looking at imposing energy sanctions on Russia when they meet.
- Russia is a crucial source of energy for the EU.
- In 2021, the European Union imported around 45% of gas from the country, according to the International Energy Agency.
Bipartisan calls for Russian oil ban meet resistance from White House
Bipartisan calls are growing on Capitol Hill for the United States to ban imports of oil from Russia over
its invasion of Ukraine, but the White House stopped short of an outright ban -- and experts said the impact would be limited.
The United States and other Western nations have imposed an unprecedented
raft of sanctions on Russia, but they have created exceptions for the oil and gas sector -- from which the Russian government derives much of its income -- because of fears cutting off the supply would drive up energy prices around the world.
But Republican members of Congress have for weeks been calling for a ban on imports of Russian crude oil and petroleum products, saying it would kneecap Russian President Vladimir Putin more than the Biden administration's sanctions have so far.
"Putin's major source of revenue is selling oil and gas and Biden's given an exception," Sen. Ted Cruz, R-Texas, said Wednesday. "You can continue getting billions of dollars to fund the invasion of Ukraine."
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Gotta say I agree with the GOP on this one. Oil will spike to $150+/barrel and it'll hurt at the pump in the short run ($5.00+ gas) but if it chokes Russia into complete economic ruin (READ: Putin gets booted), I'm OK with it for now. Of note, it appears alot of Democrats also favor this approach.
Bonus: US oil and gas industry fills in the global supply void.
Make it happen Joe.