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U.S. and Allies Seek to Impose Higher Tariffs on Russian Imports

Today, President Biden is expected to announce that the U.S., European Union, and Group of Seven countries will revoke Russia’s “most favored nation” trade status in yet another retaliatory measure against the country’s invasion of Ukraine. 

Bipartisan pressure has been mounting to annul what is known as “Permanent Normal Trade Relations”, or PNTR, with Russia. PNTR is a legal designation in the United States for free trade with a foreign nation. Days earlier, President Biden moved to ban imports of Russian oil, gas, and coal to the United States.

Rescinding the most favored nation status from Russia would grant the U.S. and its allies the ability to impose higher tariffs on Russian imports, exerting additional pressure on the Russian economy as Russia continues to attack its neighboring country...

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Mar 11 9:00 AM, UB Newswires



Oil Prices Slump As UAE Signals Support for Increased Output by OPEC

Russia’s invasion of Ukraine has incessantly continued since it began on February 24. Multiple attempts by delegates from Ukraine for a ceasefire have failed, spurring a mass exodus of over 2 million refugees from Ukraine. 

Oil prices have surged this month on exacerbated supply chain interruptions amid the Russia-Ukraine war. Brent crude oil, the international benchmark, climbed to $139 barrel on Monday, the highest level since 2008. On Wednesday, however, Brent crude oil slumped by 13% to $111.10 per barrel, posting its steepest one-day decline in about two years. 

The decline was propelled by indications of U.S. progress in its efforts to increase oil production from other sources. On Wednesday, Secretary of State Antony Blinken encouraged statements from the United Arab Emirates that they support increased oil production by OPEC+, a group of 13 oil-exporting nations...

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Mar 10 9:00 AM, UB Newswires


What the U.S. Ban on Russian Oil Could Mean for U.S. Consumers

On Tuesday, President Biden announced a U.S. ban on Russian oil and gas imports as a measure to target “the main artery of Russia's economy”. The ban also applies to Russian coal, according to the White House briefing. 

"We're banning all imports of Russian oil and gas energy. That means Russian oil will no longer be accepted in U.S. ports, and the American people will deal another powerful blow to Putin's war machine," said Biden. 

The ban coincides with record-high gas prices, not adjusted for inflation. According to AAA, the national average climbed to $4.25 a gallon today, up 8 cents from yesterday and a 16.3% increase from the week-ago figure. Consumers have not seen gas prices this high since the summer of 2008. Californians are currently facing the largest expense at $5.57 per gallon on average...

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Mar 9 9:17 AM, UB Newswires







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