Biden says sanctions won’t disrupt oil markets
Published:Thursday | February 24, 2022 | 3:15 PM
WASHINGTON — United States President Joe Biden says the sanctions against Russia for invading Ukraine will not disrupt the global oil and natural gas markets.
Biden says, “Our sanctions package is specifically designed to allow energy payments to continue.”
The president announced a series of sanctions at a White House speech Thursday.
The sanctions include restrictions on exports to Russia and sanctions on Russian banks and state-controlled companies.
Biden also says that US oil and gas companies should not exploit the geopolitical risks to hike their prices and raise their profits.
A key concern has been preserving Russian oil and natural gas exports, which are vital sources for Europe and other countries.
Financial markets already view the Russian invasion in Ukraine as straining energy supplies with the soon-to-expire futures contract for Brent crude increasing more than 5% to top $100 a barrel.
Oil and natural prices have already surged over concerns that Russia -- an energy production behemoth -- will slow the flow of oil and natural gas to Europe.
Biden, however, acknowledged the sanctions are “going to take time” to have their effect on the Russian economy.
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