Biden confesses Russia sanctions possibly to harm Americans

(MENAFN) President Joe Biden has acknowledged that the latest round of U.S. sanctions targeting Russia’s oil industry could lead to higher gas prices for ordinary Americans. The sanctions, which were unveiled by the U.S. Treasury Department on Friday in coordination with the UK, target two major Russian oil producers—Gazprom Neft and Surgutneftegaz—along with their subsidiaries and associated entities involved in the transportation and insurance of Russian oil. The U.S. also sanctioned over 180 vessels allegedly used to transport Russian oil in defiance of Western sanctions, which have been dubbed a 'shadow fleet.'

When asked about the potential impact on gas prices, Biden admitted that there could be a slight increase, estimating a rise of three or four cents per gallon. However, he emphasized that the sanctions were designed to significantly impact Russia's economy and its ability to fund its military actions in Ukraine. Biden argued that the sanctions would have a profound effect on Russia’s economic growth and its war efforts.

Despite the U.S. sanctions, Russia dismissed them as "illegal," with President Vladimir Putin claiming that the sanctions have had little effect on Russia, instead helping to strengthen its domestic industries. Russian officials, including Foreign Ministry spokesperson Maria Zakharova, criticized Biden, stating that his legacy will be defined by the mess he leaves behind. Meanwhile, oil prices surged by nearly 3% on Friday, as traders anticipated disruptions to supply caused by the new sanctions.

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