US has imposed a restriction on Russian oil imports


Posted on 09 March 2022


For Illustration Purpose Only.

The US has imposed a restriction on Russian oil imports, adding to the pressure on Russia, whose invasion of Ukraine reached its 14th day on March 9, killing hundreds of people and generating Europe's greatest refugee crisis in recent memory. The benchmark Brent crude for May soared to an intra-day high of $131.27 a barrel after US President Joe Biden's March 8 remark, before ending at $127.98, up 3.9 percent. Crude futures in the United States ended the day at $123.70, up 3.6 percent. Early on March 8, signs of the looming ban brought Brent crude to its highest level in 14 years, around $140 per barrel. In 2008, the previous high was $147.


Key Points


  • The US has imposed a restriction on Russian oil imports.

  • The benchmark Brent crude for May soared to an intra-day high of $131.27 a barrel after US President Joe Biden's March 8 remark, before ending at $127.98, up 3.9 percent.

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