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Russia Ukraine LIVE updates: Oil Pushes higher after US escalates sanctions

A man walks in front of a building damaged by recent shelling during Ukraine-Russia conflict in Kharkiv, Ukraine March 6, 2022. REUTERS/Oleksandr Lapshyn (REUTERS)Premium
A man walks in front of a building damaged by recent shelling during Ukraine-Russia conflict in Kharkiv, Ukraine March 6, 2022. REUTERS/Oleksandr Lapshyn (REUTERS)
1 min read . Updated: 09 Mar 2022, 08:22 AM IST Livemint

Russia Ukraine LIVE: The United States has sought to speed weapons deliveries to Ukraine. But the prospect of flying combat aircraft from NATO territory into the war zone ‘raises serious concerns for the entire NATO alliance,’ the Pentagon said.

President Joe Biden banned Russian oil and other energy imports to the United States, piling pressure on Vladimir Putin to halt the assault on Ukraine, but an effort to evacuate civilians from the besieged port city of Mariupol failed.

 

Ukraine's government accused Russia of shelling a humanitarian corridor it had promised in Mariupol.

09 Mar 2022, 08:22:44 AM IST

McDonald's Corp, Starbucks shut shop

McDonald's Corp, Starbucks and L'Oreal are temporarily closing all outlets in Russia. Coca-Cola and Pepsi suspended soda sales in the country.

09 Mar 2022, 08:22:44 AM IST

Ukrainian troops repulsed efforts by Russian forces

Ukrainian troops repulsed efforts by Russian forces to enter the eastern city of Kharkiv, regional governor Oleh Synehubov said.

Russian forces have repeatedly tried to seize the southern regional capital of Mykolayiv in attacks that have been repulsed by Ukrainian troops, a Ukrainian presidential adviser said

09 Mar 2022, 08:22:45 AM IST

Russia sanctions

Biden acknowledged the ban on Russian energy imports, which has bipartisan support, would drive up U.S. energy prices.

Britain said it aimed to phase out imports of Russian oil by the end of 2022. The EU plans to cut dependency on Russian gas this year by two-thirds.

09 Mar 2022, 08:22:45 AM IST

Oil continued its rally near $126 a barrel

Oil continued its rally near $126 a barrel after President Joe Biden said the U.S. would ban the import of Russian crude, escalating efforts to hobble the nation’s economy that will further strain global energy markets.

Futures in New York have soared more than 35% since the invasion of Ukraine almost two weeks ago, and settled at the highest since 2008 on Tuesday. The U.K. said it would also phase out Russian crude imports by the end of the year, and Shell Plc and BP Plc are halting new purchases, but other European nations have been reluctant to commit to similar action.

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