Brent crude prices soared to $105 per barrel for the first time since 2014 as Russian President Vladimir Putin sent Russian troops into the territory of neighbouring Ukraine. The rising prices can be attributed to various sanctions imposed by the US and Europe on Russia, the third-largest oil producing nation and second-largest oil exporter in the world.
However, the prices of brent crude oil are currently hovering at around $101 per barrel, as the US left out Russia’s oil and gas exports from the sanctions imposed on the country. The sanctions are majorly targeted towards Russia’s financial institutions, economy, defence and its access to technology.
“The United States, along with Allies and partners, is imposing severe and immediate economic costs on Russia in response to Putin’s war of choice against Ukraine. Today’s actions include sweeping financial sanctions and stringent export controls that will have profound impact on Russia’s economy, financial system, and access to cutting-edge technology. The sanctions measures impose severe costs on Russia’s largest financial institutions and will further isolate Russia from the global financial system,” The White House said in a media release on Thursday.
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