The US has announced a complete ban on Russian oil, gas and coal imports, after Ukraine called for sanctions to be expanded.
The UK is to phase outThe UK government says this allows enough time for them to find alternative supplies.
Russian oil by the end of the year, and the EU is reducing its Russian gas imports by two-thirds.
Deputy Russian Prime Minister Alexander Novak has said rejecting Russian oil would lead to “catastrophic consequences for the global market”.
Oil and gas prices have already risen sharply and could rise yet further if Russia halts exports.
But this is not just about fuel. Other global commodity prices are expected to soar even higher which will have a huge impact on the cost of goods around the world.
I – Word Understanding
Sanction – a penalty for acting aggressively or disobeying a law / rule
Phase out – to discontinue something
catastrophic – causing sudden, great damage or suffering
II – Have Your Say
1, What can you say about the sanctions being imposed on Russia:
a, Ban on Russian oil
b, Financial: frozen assets of Russia’s central bank
c, Freezings assets of Putin and other Russian oligarchs
d, Ban on Russian flights and trading of goods
2, A growing number of international companies including McDonalds, Starbucks, Coca-Cola, Apple, Netflix, etc have suspended trading in Russia. Common people are affected by these sanctions and suspended trading. Is this enough to make Russia stop its attack on Ukraine?
