President JoeBiden is looking for new ways to punish Russia's Vladimir Putin after the current slate of penalties failed to stop the invasion in Ukraine.
U.S. and European sanctions on Moscow have crippled its financial system. But Biden carved out an exemption on Russia’s oil and gas sector, which accounts for 36% of the country’s revenue, wary that a spike in gas prices could add to already record-high inflation.
“Energy exports are the lifeblood of the Russian economy. And we should not be allowing Putin to use that lifeblood to spill blood in Ukraine.” “It should all be on the table, including banning the import of Russian oil, not just here in the United States but among all of the nations,” she told Fox News.
Like Warren, the former head of Ukraine’s state energy company Naftogaz has called upon the U.S. to escalate its response to Russian energy, arguing that doing so is the next step to driving the cost of war home to Putin. “Over a million barrels of oil a day from Kazakhstan is getting caught up in the sanctions because it comes out at Russian ports,” said Brenda Shaffer, a senior adviser for energy at the Foundation for Defense of Democracies.
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