US President Joe Biden announced on Tuesday that he will ban the import of Russian oil, gas and other energy sources into the United States. Also on Tuesday, the UK government announced a ban on Russian oil at the end of 2022, and The European Commission has presented a plan to quickly become independent from the European Union from Russian gas supplies. It assumes a two-thirds reduction in the EU’s dependence on Russian gas in 2022.

PIE analysts emphasized that these are the first measures on this scale targeting the sensitive sector in Russia. “Another step with much greater impact should be a ban on oil imports from Russia into the European Union, which is being pursued, among other things, by Polish diplomacy. This measure will reduce the budget of the Russian Federation by about 51 billion dollars. Piotr Arak, Director of the Polish Economic Institute, noted that these funds, both now and in recent years, have constituted one of the main sources of financing for the military expansion of this country.

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