West takes aim at Russian oil and gas while companies halt business

3 yıl önce

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The Biden administration announced Tuesday it will ban imports of oil and natural gas from Russia, in one of the United States’ most far-reaching actions yet to penalize Moscow for its invasion of Ukraine.

President Biden acknowledged Americans would see gas prices increase, at a time when average costs have already broken records. The European Commission, meanwhile, presented a plan to cut Russian gas imports by two-thirds this year, and Britain said it will phase out Russian oil.

Economic pressure from companies is building, too. Coca-Cola, McDonald’s and Starbucks on Tuesday joined the long list of corporations suspending their business in Russia amid mounting public pressure. About 9 percent of McDonald’s’ revenue comes from Russia and Ukraine, according to Bank of America.

Efforts to evacuate civilians from war zones had a breakthrough Tuesday when a Ukrainian official said thousands of residents and foreign students were safely bused out of the northeastern Sumy region. But Ukraine also accused Russia of firing on other civilian routes for the fourth day in a row.

Here’s what to know

The United States all but declined an offer from Poland on Tuesday to deliver MiG-29 fighter jets to Ukraine, after Poland seemed to propose that the United States deliver the aircraft.The national average price for a gallon of gasoline reached $4.17 on Tuesday, the highest since summer 2008.As many as 4,000 Russian troops may have died since Feb. 24, a senior U.S. military officer said, as Ukraine puts up a fierce fight.Some 2 million Ukrainians have already fled their country since the start of the invasion, according to the United Nations.Senate Minority Leader Mitch McConnell (R-Ky.) said the cost of proposed Ukraine aid package has now risen to $14 billion, more than double what was initially floated by the chamber’s leaders.