Japan, counting Russia as an important crude oil supplier, is also reportedly in talks with the US and European countries about a possible ban on Russian oil imports, Reuters reported. ![]() ![]() Moreover, the EU announced earlier Tuesday a plan to wean itself off from fossil fuels from Russia. Just before Biden's announcement, the UK unveiled its own ban on imports of oil from Russia. President Joe Biden announced on Tuesday that the US will ban Russian oil imports, according to CNBC. The West's move to bar imports of Russian oil as part of their sanctions stokes fears of a runaway spike in oil prices, putting at stake an economic rebound in especially the Western powers that have aimed their sanctions ammunition against Russia, observers said. The Chinese leader called for equal-footed dialogue among the EU, Russia, the United States and NATO to resolve the crisis. While Western sanctions could make Western powers especially European countries inevitably have to bear the brunt of a relentless rise in oil prices, countermeasures from Russia in response to tough sanctions, including its Monday approval of a list of "unfriendly" countries and regions, are considered to have shown the cards in the Kremlin's hands as Moscow strives to withstand an escalation in sanctions, analysts noted, adding that such measures could also intensify Russia's isolation.Īs China has crystallized its stance, the eventual resolution of the Ukraine issue cannot be contingent upon unilateral sanctions, but would instead require dialogue and negotiations for the conflict to be solved in a peaceful manner.ĭuring a virtual summit with French President Emmanuel Macron and German Chancellor Olaf Scholz on Tuesday in Beijing, Chinese President Xi Jinping said that sanctions would have an impact on global finance, energy, transportation and supply chain stability, and put a drag on the world economy that is already ravaged by the pandemic, auguring ill for all parities. Photo: VCGĬlick here to stay tuned with our live updates on Ukraine tensions.Īs the Russia-Ukraine military conflict entered its 13th day on Tuesday, global attention has increasingly focused on the economic repercussions of the West-fanned tensions around Ukraine, with soaring oil prices in the wake of Western sanctions casting a shadow over the global economic rebound amid inflation woes and the still raging pandemic. Ukrainian refugees are seen disembarked from a train that arrived from Ukraine to Przemysl, Poland on March 3, 2022.
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