Attempting to further sequester Russia’s economy U.S. President Joe Biden announced on March 8 the ban of all Russian oil imports as part of a multi-faceted response to the eastern nation’s military invasion of Ukraine. While strict sanctions on Russian exports remain a cornerstone of Western efforts to stop President Vladimir Putin’s attack, it comes with a hefty price tag already felt by global consumers. US oil prices have risen more than 30 percent since Russia began its war in Ukraine on Feb. 24, hitting their highest price since 2008 this week at $130 per barrel due to shortage fears, sanctions against Moscow, and looming uncertainties of the role of Iranian crude in future energy markets. Projections from analysts at Rystad Energy say oil prices could climb as high as $200 per barrel this year based on the elimination of 4 million barrels per day of Russian crude due to Western sanctions. Economist Roman …
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