White House: Looking at options to cut US consumption of Russian energy
The White House on Friday confirmed earlier reports that it is looking at options to cut US consumption of Russian energy, Reuters reported. The White House labelled Russia's attack on a nuclear plant in Ukraine as the "height of irresponsibility" and said that targeting civilian infrastructure would constitute a war crime. An internal review is ongoing prior to last night on the evidence that Russia is targeting civilians, the White House said. The White House did, however, add that it is mindful of not taking steps that would raise energy prices for the American public.
Seperately, US Secretary of State Anthony Blinken was also on the wires. On the subject of a no-fly zone in Ukraine, Blinken said that we have a responsibility to ensure that the war doesn't spill over into something larger and the only way to implement a no-fly zone would be to send NATO into Ukrainian airspace to shoot down Russian planes. A NATO no-fly zone could lead to a full-fledged war in Europe. Blinked added that, regarding sanctions, nothing is off the table and we are evaluating the sanctions every day. The immediate effect of reducing the supply of energy would be to raises prices at the pump for Americans and pad Russian profits with rising profits.
Author
Joel Frank
Independent Analyst
Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset
