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REPORT Biden to Ban Russian Oil Imports

The New York Times is reporting that President Joe Biden will announce the ban of Russian oil imports this morning.

Ukraine continues to hold key cities as the international community looks for ways to make Russia and Putin pay.

This is seen as a significant escalation in economic sanctions against Russia, but there could be consequences.

This will likely upset the global energy markets leading to higher gas prices even as prices break records.

Some highlights from the New York Times include:

“Ukrainian forces continued to hold onto Kyiv, the capital, and were withstanding heavy artillery barrages in the eastern city of Kharkiv, although the Pentagon and other allies cautioned that the Russian army could soon regroup. Here are the latest developments:

  • Less than two weeks into the fighting, the U.N. refugee agency said that the number of people who have fled Ukraine has reached two million. UNICEF said that figure includes one million children.
  • After days of dashed hopes, the first significant effort at a humanitarian corridor to allow civilians to escape fighting was holding in Sumy, a city east of Kyiv, with a convoy of buses led by the Red Cross. While initial reports suggested that a few hundred people had been brought to safety and that a temporary cease-fire was being observed, evacuations for towns and cities farther east have failed to materialize.”

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