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Biden bans import of oil, gas, and coal from Russia

Posted March. 10, 2022 08:04,   

Updated March. 10, 2022 08:04


The Joe Biden administration decided on Tuesday to ban energy import from Russia, enduring some economic damage to the U.S. Fitch Ratings, one of the world’s three major credit rating agencies, lowered Russia’s long-term credit rating to “C,” which means a national default is imminent.”

“Today, I am announcing the United States is targeting the main artery of Russia's economy,” said President Biden during a White House speech, announcing that all imports of oil, gas, and coal from Russia are banned. Energy exports, including oil and natural gas, accounted for 49 percent of all Russian exports last year.

The U.K. also announced that it will gradually suspend Russian oil until the end of this year. The European Commission announced on the same day that it will reduce its import of Russian gas by two-thirds until the end of this year.

The South Korean industries are put on emergency alert. Not only the oil refining, petrochemical, aviation industries that are directly affected by oil prices but also all industries will face rising oil prices. Companies that have been making a lot of efforts in the Russian market, such as Samsung Electronics, which is No. 1 in the Russian smartphone market, and Hyundai Motor Company, which is No. 2 in the Russian automobile market, will also struggle due to the suspension of business.