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Russia oil ban: White House announces plan to cut off energy imports.

Mount Equity Group Tokyo Japan > News > Markets > Russia oil ban: White House announces plan to cut off energy imports.

E.U. officials, meanwhile, unveiled a separate plan to cut Russian gas imports by approximately two-thirds this year — though questions quickly emerged about whether the European nations would be able to achieve that goal.

The consecutive blows to Russia’s energy sector immediately reverberated throughout the global economy. Gas prices in the United States continued their rapid ascent, climbing to an average of $4.17 a gallon on Tuesday, up from $3.62 just one week ago, according to AAA. Economists have begun warning that the energy price shock could hit European economy particularly hard. Russia is the world’s third largest producer of oil, and reliance on its exports is so high that Western leaders had initially ruled out targeting its production. But Russia’s sustained attacks on Ukraine led Western leaders to change course, even if the decision proves particularly painful for European nations, some of which depend on…

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