The US sanctions target a total of twenty-one companies and thirteen individuals, who they say “play a decisive role in the war machine of the Russian Federation.” “We will continue to target Vladimir Putin’s war machine until this senseless arbitrary war is over,” said Treasury Secretary Janet Yellen.
The Ministry of Finance also explains the sanctions by limiting the impact of cyber danger on the part of the Russian Federation. “The Russian military is dependent on Western technologies, which are key to the functioning of its defense industrial sector,” the statement said.
Washington has also expanded the number of industrial areas it will be able to target similar sanctions in the future. This opened up the possibility of sanctions concerning the Russian aviation, maritime industry and electronics production.
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One million barrels of oil per day from strategic reserves
The United States will release an average of one million barrels of oil a day from its strategic reserves over the next six months, the White House said. According to his representatives, this is the largest release of supplies in history. The USA is thus trying to achieve a reduction in fuel prices, which have become significantly more expensive in the country, especially after the Russian invasion of Ukraine.
The release of oil reserves was agreed with international partners, said the office of the American president. At the same time, the government announced new measures to support domestic oil production so that it would increase by the end of the year. The Biden government hopes to increase domestic production by $ 1 million a day by the end of this year and another 700,000 barrels a day next year.
“The world has never released one million oil reserves per day for such a long time. This record release will provide a historic amount of supplies that will serve as a bridge until the end of the year, when domestic production will start, “said the White House.
Biden threatened to withdraw the license for oil wells from American mining companies
On Thursday, US President Joe Biden also called on US mining companies not to abuse the current crisis to increase their profits, but to invest in increasing production and helping the United States achieve energy independence.
“I know how painful it is,” the president said of rising fuel prices in the United States, adding that he came from a family where the price of gasoline was a topic of conversation with food. “Your family budgets should not depend on a dictator declaring war,” Biden added.
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Biden divided his plan to relieve American families of rising fuel prices into two parts. The first is to relieve pressure on Americans’ wallets in the short term, the second is to ensure long-term energy independence. “Imagine if Europe didn’t have to reckon with Russian oil. If it were energy independent. It would change the nature of a lot, “he said.
According to the President, American oil companies should invest their profits in increasing production and not enrich themselves in the crisis, which, according to Biden, is not patriotic. He threatened that Congress could order the withdrawal of oil well licenses from those companies that left them idle.
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