{"id":1768,"date":"2025-01-11T13:43:19","date_gmt":"2025-01-11T08:13:19","guid":{"rendered":"https:\/\/ainews.prativad.com\/index.php\/biden-admits-russia-sanctions-could-backfire\/"},"modified":"2025-01-11T13:50:09","modified_gmt":"2025-01-11T08:20:09","slug":"biden-admits-russia-sanctions-could-backfire","status":"publish","type":"post","link":"https:\/\/ainews.prativad.com\/index.php\/biden-admits-russia-sanctions-could-backfire\/","title":{"rendered":"Biden admits Russia sanctions could backfire"},"content":{"rendered":"<div style=\"margin-top: 0px; margin-bottom: 0px;\" class=\"sharethis-inline-share-buttons\" ><\/div>\n<p class=\"wp-block-paragraph\"><strong>It is \u201cprobable\u201d that gas prices could rise by three or four cents a gallon, the outgoing US president has said<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">US President Joe Biden has admitted that the latest package of American sanctions targeting Russia\u2019s oil industry could harm ordinary Americans, saying they may lead to a slight increase in gas prices.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On Friday, the US Treasury Department unveiled a&nbsp;<em>\u201csweeping\u201d<\/em>&nbsp;round of sanctions on Russia, imposed in coordination with the UK. The measures target two major oil producers, Gazprom Neft and Surgutneftegaz, as well as their subsidiaries and entities providing insurance and transportation services. Over 180 vessels allegedly used to transport Russian oil in defiance of Western restrictions, which the US has described as a \u2018shadow fleet\u2019, were also sanctioned.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Asked whether he is concerned that the sanctions could lead to gas prices going up, Biden said the possibility cannot be ruled out.&nbsp;<em>\u201cIt is probable that gas prices could increase by as much as three or four cents a gallon, but the sanctions will have a more significant impact on Russia\u2019s ability to continue its actions in the conduct of war,\u201d<\/em>&nbsp;he said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cThese restrictions will have a profound effect on the growth of Russia\u2019s economy,\u201d<\/em>&nbsp;Biden argued, adding that the sanctions aim to hinder Moscow\u2019s ability to finance its military operations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The sanctions package arrives less than two weeks before the end of Biden\u2019s term. President-elect Donald Trump has been critical of Biden\u2019s approach to the Ukraine conflict and vowed to swiftly end the hostilities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Moscow has dismissed the restrictions, calling them&nbsp;<em>\u201cillegal.\u201d<\/em>&nbsp;President Vladimir Putin has said Russia has overcome the challenges caused by the sanctions, crediting them with boosting domestic industries.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Commenting on the new restrictions, Russian Foreign Ministry spokeswoman Maria Zakharova said Biden\u2019s legacy will be defined by the&nbsp;<em>\u201cmess\u201d<\/em>&nbsp;he leaves behind.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Oil prices surged by nearly 3% on Friday, hitting a three-month high as traders anticipated supply disruptions from the expanded sanctions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>US President Joe Biden has admitted that new sanctions on Russia\u2019s oil industry may result in higher gas prices Read Full Article at RT.com<\/p>\n","protected":false},"author":1,"featured_media":1772,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[5],"tags":[722,216,724],"class_list":["post-1768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-american-sanctions","tag-biden","tag-gazprom-neft"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - 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