US Sanctions Russia: What It Means for Ukraine and Gas Prices

On Friday, the United States announced tough new sanctions against Russia to help Ukraine stay free and fight back against attacks. Outgoing President Joe Biden said these sanctions focus on Russia’s energy industry, especially gas, and target many companies that support Russia. This includes two companies from India, Skyhart Management Services and Avision Management Services, which were involved in transporting liquefied natural gas (LNG) from Russia.

Biden explained that these new measures will hit the Russian economy hard and make it harder for President Putin to keep waging war. He mentioned that while this could cause gas prices in the U.S. to go up by about 3 to 4 cents a gallon, the goal is to make it tougher for Russia to continue its military actions.

Biden emphasized that it’s important to keep support for Ukraine strong, especially with Western Europe united. He believes that as long as this support continues, Ukraine has a good chance of winning. In a talk with Ukrainian President Volodymyr Zelenskyy, Biden said that both Democrats and Republicans in Congress agree on helping Ukraine, and it’s crucial they continue supporting it, especially with Donald Trump taking over soon. The Biden administration has swiftly imposed these sanctions to weaken Russia’s power in the ongoing conflict.