Russia-Ukraine War LIVE Updates: IMF board to consider $1.4 billion in funding for Ukraine, says MD Kristalina Georgieva

© Moneycontrol Russia-Ukraine War LIVE Updates: Russia, Ukraine agree day-long evacuation corridors: Ukraine official

Russia-Ukraine War LIVE Updates: United States President Joe Biden announced a ban on US imports of Russian oil on Tuesday, in the administration’s most far-reaching action yet to punish Moscow for invading Ukraine, AFP reported. The ban came with Democrats threatening legislation to force Biden’s hand, despite the likely impact on already soaring gas prices. “We’re banning all imports of Russian oil and gas and energy. That means Russian oil will no longer be acceptable at US ports and the American people will deal another powerful blow to (President Vladimir) Putin,” Biden said in an address from the White House, adding that the decision was taken “in close consultation” with allies.

Meanwhile, Britain also said Tuesday it would phase out Russian oil imports by the end of this year, in line with new sanctions announced by the United States following the invasion of Ukraine. “This transition will give the market, businesses and supply chains more than enough time to replace Russian imports -– which make up 8.0 percent of UK demand,” Business Secretary Kwasi Kwarteng tweeted. The oil sanction does not apply to Russian natural gas, which accounts for some four percent of UK supply. But Kwarteng said he was “exploring options to end this altogether”. The announcement came in coordination with an embargo on Russian oil announced by US President Joe Biden.

Notably, prices of nickel have soared over 100% in the last few days as the Russia-Ukraine war has triggered a shortage of the metal, threatening to disrupt production of batteries for electric vehicles. Russia supplies the world with about 10% of its nickel needs.

The increased prices may also drag the margins of the EV industry. Nickel prices soared by as much as 111% on March 8, momentarily surpassing $100,000 per tonne. The London Metal Exchange (LME) halted trade due to the surge when three-month nickel was up 66 percent at $80,000 per tonne.

United States president Joe Biden wants a rapid shift to EVs to stop “tyrants like Putin” using fossil fuels as weapon. “Loosening environmental regulations won’t lower prices. But transforming our economy to run on electric vehicles, powered by clean energy, will mean that no one will have to worry about gas prices. It will mean tyrants like Putin won’t be able to use fossil fuels as a weapon,” said Biden.

Stay tuned for the latest news, developments and analysis on the situation.