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Russia-Ukraine Crisis Causes Global Oil Prices To Rise

Humanitarian corridors launched, two groups of Ukrainian civilians safely evacuated.

Russia today (March 9) proposed a temporary ceasefire in five cities, including Kiev, to open humanitarian corridors for the evacuation of civilians. But the Ukrainian military is skeptical.

Russia-Ukraine Crisis Causes Global Oil Prices to Rise; Ukraine President Urges UK to Increase Sanctions on Russia

Russia’s humanitarian corridor in the northern Ukrainian city of Sumy has opened successfully, and two bus convoys carrying civilians have already been evacuated to other Ukrainian cities. However, the evacuation of civilians in Mariupol in the south has been hampered by Russian shelling.

IEA Considers Releasing More Crude Oil Reserves as Oil Prices Spike

Russia is a major exporter of crude oil and natural gas. And the Russia-Ukraine crisis has caused crude oil prices to rise in all countries.

IEA Director General Birol said in a media interview that the 60 million barrels of crude oil released recently only accounted for 4% of the strategic reserves of IEA member countries. If necessary, more crude oil reserves will also be released.

Russia-Ukraine Crisis Causes Global Oil Prices to Rise; U.K. President Urges Britain to Increase Sanctions on Russia

The long-term impact of the Ukraine crisis is still unknown, Birol mentioned, however, if energy prices remain high, it will pose a risk to the global economic recovery.

EU reduces dependence on Russian energy imports

The U.S. White House announced a ban on imports of Russian crude oil and other energy sources. Although the war between Russia and Ukraine will cause oil prices to keep rising, the U.S. government said it will try to minimize the impact.

Russia-Ukraine Crisis Causes Global Oil Prices to Rise; U.K. President Urges Britain to Increase Sanctions on Russia

The British Prime Minister also said earlier that he is looking for alternative supplies to reduce dependence on Russian energy imports.

Currently, 40% of the natural gas supply to twenty-seven EU countries comes from Russia. The EU is also gradually reducing its dependence on Russian energy, reducing its demand for Russian energy by two-thirds, and plans to stop relying on Russian energy supplies by 2030.

Ukraine’s President Urges British Government to Increase Sanctions

Ukrainian President Zelensky, speaking via an online video link to the British Parliament, mentioned that the British government could increase sanctions against Russia, protect Ukrainian airspace and recognize Russia as a terrorist state.

He quoted former British Prime Minister Winston Churchill’s famous words, “vowing to fight to the end.

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