Russian-Ukrainian War Update: United States President Joe Biden announced the prohibition on US Russian oil imports on Tuesday, in the extensive government actions had not punished Moscow to attack Ukraine, AFP reported. The prohibition came with the Democrats threatening the law to force the Biden’s hand, even though it was possible to have an impact on gas prices that had soared. “We forbid all imported oil and gas and energy and energy. That means Russian oil will no longer be accepted in the US port and Americans will handle other strong blows to (President Vladimir) Putin,” Biden said at an address. The White House, added that the decision was taken “in a close consultation” with the Allies.
Meanwhile, England also said Tuesday it would remove Russian oil imports by the end of this year, in line with new sanctions announced by the United States after the invasion of Ukraine. “This transition will provide market, business, and supply chains more than enough time to replace Russian imports – which formed 8.0 percent of UK demand,” Kwarteng’s business secretary tweeted. Oil sanctions do not apply to Russian natural gas, which accounts for about four percent of British supply. But Kwarteng said he “explored the choice to end this at all”. The announcement came coordinating with the Russian oil embargo announced by US President Joe Biden.
In particular, the price of nickel has surged more than 100% in the last few days when the Russian-Ukrainian war has triggered a lack of metal, threatening to disrupt battery production for electric vehicles. Russia supplies the world with around 10% of its nickel needs.
Price increases can also drag the EV industry margin. Nickel prices jumped as much as 111% on March 8, for a moment exceeding $ 100,000 per ton. The London Metal Exchange (LME) stopped trading due to a surge when three-month nickel rose 66 percent at $ 80,000 per ton.
United States President Joe Biden wants a quick shift to EVS to stop “tyrants like Putin” using fossil fuels as weapons. “Loors environmental regulations will not reduce prices. But change our economy to run electric vehicles, powered by clean energy, will mean that no one has to worry about gas prices. This will mean tyrants like Putin will not be able to use fossil fuels as weapons , “Biden said.