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Biden Spares Russia’s Crucial Energy Exports From Sanctions

  • Country is a key global supplier of oil and natural gas
  • Purchasing and selling Russian energy is still allowed
Bloomberg business news
WATCH: President Joe Biden imposed stiff sanctions on Russia over its invasion of Ukraine.Source: Bloomberg

Russian energy exports escaped sanctions from the U.S. as President Joe Biden toughens restrictions on the country while avoiding measures that could send oil prices surging even further, worsen Europe’s gas shortage and make gasoline more expensive for Americans.

Harsher sanctions announced by Biden on Thursday following the invasion of Ukraine included blocking major Russian banks and cutting off the country from semiconductors and advanced technology, but purchasing and selling Russian energy supplies are still allowed.