Top officials from the world's two largest democracies held ministerial-level talks in Washington after their leaders from India and the United States discussed their differences over the Ukraine war.

India's import of Russian oil remains point of contention between New Delhi and Washington

An “effective” embargo on Russian oil and gas can force Vladimir Putin to stop the war in Ukraine, the Russian president’s former chief economic adviser has told the BBC.

If Western countries “would try to implement a real embargo on oil and gas exports from Russia … I would bet that probably within a month or two, Russian military operations in Ukraine, probably will be ceased, will be stopped,” said Dr Andrei Illarionov.

“It’s one of the very effective instruments still in the possession of the Western countries.”

He claimed that the threats of oil ban by the Western countries have been not taken “seriously” by Putin.

Europe imports about 40 per cent of its gas and 27 per cent of its oil needs from Russia.

Despite threatening to cut imports, many European countries have continued to purchase fuel, indirectly helping Putin to fund his war in Ukraine.

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-prime-minister-boris-johnson-meets-ukrainian-president-volodymyr-zelensky-in-kyiv-469759" hreflang="en">UK Prime Minister Boris Johnson meets Ukrainian President Volodymyr Zelensky in Kyiv</a>

This was highlighted recently by top EU diplomat Josep Borrell who said, "A billion [euros] is what we pay Putin every day for the energy he supplies us.”

A plethora of economic sanctions has so far failed to stop Putin's war on Ukraine.

Dr Illarionov claimed that the Russian president was prepared to let the domestic economy hit hard by sanctions as he is blindsided by his “territorial ambitions”.

Also read |&nbsp;<a href="https://www.wionews.com/world/putin-appoints-new-military-commander-in-ukraine-who-is-general-aleksandr-dvornikov-469926" hreflang="en">Putin appoints new military commander in Ukraine: Who is General Aleksandr&nbsp;Dvornikov?</a>

"His territorial ambitions, his imperial ambitions, are much more important than anything else, including the livelihood of the Russian population and of the financial situation in the country... even the financial state of his government," he was quoted as saying.

In the BBC interview, he also argued that a change of government is inevitable “sooner or later” as “it is absolutely impossible to have any positive future for Russia with the current political regime.”

(With inputs from agencies)

An “effective” embargo on Russian oil and gas can force Vladimir Putin to stop the war in Ukraine, the Russian president’s former chief economic adviser has told the BBC.

An “effective” embargo on Russian oil and gas can force Vladimir Putin to stop the war in Ukraine, the Russian president’s former chief economic adviser has told the BBC. If Western countries “would try to implement a real embargo on oil and gas exports from Russia … I would bet that probably within a month or two, Russian military operations in Ukraine, probably will be ceased, will be stopped,” said Dr Andrei Illarionov. “It’s one of the very effective instruments still in the possession of the Western countries.” He claimed that the threats of oil ban by the Western countries have been not taken “seriously” by Putin. Europe imports about 40 per cent of its gas and 27 per cent of its oil needs from Russia. Despite threatening to cut imports, many European countries have continued to purchase fuel, indirectly helping Putin to fund his war in Ukraine. Also read | UK Prime Minister Boris Johnson meets Ukrainian President Volodymyr Zelensky in Kyiv This was highlighted recently by top EU diplomat Josep Borrell who said, "A billion [euros] is what we pay Putin every day for the energy he supplies us.” A plethora of economic sanctions has so far failed to stop Putin's war on Ukraine. Dr Illarionov claimed that the Russian president was prepared to let the domestic economy hit hard by sanctions as he is blindsided by his “territorial ambitions”. Also read | Putin appoints new military commander in Ukraine: Who is General Aleksandr Dvornikov? "His territorial ambitions, his imperial ambitions, are much more important than anything else, including the livelihood of the Russian population and of the financial situation in the country... even the financial state of his government," he was quoted as saying. In the BBC interview, he also argued that a change of government is inevitable “sooner or later” as “it is absolutely impossible to have any positive future for Russia with the current political regime.” (With inputs from agencies)

Total embargo on Russian oil and gas can stop war within a month: Putin’s ex-economic advisor

Moscow has offered India steep discounts on the direct sales of oil as per a report published in Bloomberg.

To lure India to lift more shipments, Russia is offering its flagship Urals grade to India at discounts of as much as $35 a barrel on prices before it invaded Ukraine.

Russian Foreign Minister Sergei Lavrov arrived in Delhi late Thursday from China. "We appreciate that India is taking this situation in the entirety of facts and not just in a one-sided way," Lavrov said in his opening remarks during a meeting with Indian Foreign Minister Subrahmanyam Jaishankar.

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India has also contracted to buy sunflower oil from Russia at a record high price after supplies from Ukraine stopped due to the war.

It has abstained from UN resolutions censuring Moscow and continues to buy Russian oil from its "longstanding and time-tested friend" and biggest supplier of arms.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/russia-ukraine-conflict-india-cant-take-stand-there-is-pressure-sergey-lavrov-467373" hreflang="en">Russia-Ukraine conflict | India can't take stand, there is pressure: Lavrov</a>

India and Russia are working on a rupee-ruble mechanism to facilitate trade and get around Western sanctions on Russian banks, according to media reports.

Russia has written to India's defence ministry requesting clearance of payments worth $1.3 billion that have been halted since last month, according to the Economic Times newspaper.

"India's intake of Russian oil has been very small for many, many years," said Vandana Hari, founder of oil market analysis provider Vanda Insights in Singapore.&nbsp;

"So the refineries are not configured to buy a lot of Russian oil."

India's foreign minister S Jaishankar has hit out at concerns being raised over India buying Russian oil, saying that “it’s like a campaign on this issue”.

Defending India’s position, Jaishankar said, “When oil prices go up it is natural for countries to go out into the market and look for what are the good deals for their people. I am pretty sure if we wait two or three months, and actually look at who are the big buyers of Russian gas and oil, I suspect the list will not be very different from what it used to be, and I suspect we won’t be on the top 10 on that list.”&nbsp;

(With inputs from agencies)

Moscow has offered India steep discounts on the direct sales of oil as per a report published in Bloomberg. To lure India to lift more shipments, Russia is offering its flagship Urals grade to India at discounts of as much as $35 a barrel on prices before it invaded Ukraine.

Moscow has offered India steep discounts on the direct sales of oil as per a report published in Bloomberg. To lure India to lift more shipments, Russia is offering its flagship Urals grade to India at discounts of as much as $35 a barrel on prices before it invaded Ukraine. Russian Foreign Minister Sergei Lavrov arrived in Delhi late Thursday from China. "We appreciate that India is taking this situation in the entirety of facts and not just in a one-sided way," Lavrov said in his opening remarks during a meeting with Indian Foreign Minister Subrahmanyam Jaishankar. India has also contracted to buy sunflower oil from Russia at a record high price after supplies from Ukraine stopped due to the war. It has abstained from UN resolutions censuring Moscow and continues to buy Russian oil from its "longstanding and time-tested friend" and biggest supplier of arms. Also read | Russia-Ukraine conflict | India can't take stand, there is pressure: Lavrov India and Russia are working on a rupee-ruble mechanism to facilitate trade and get around Western sanctions on Russian banks, according to media reports. Russia has written to India's defence ministry requesting clearance of payments worth $1.3 billion that have been halted since last month, according to the Economic Times newspaper. "India's intake of Russian oil has been very small for many, many years," said Vandana Hari, founder of oil market analysis provider Vanda Insights in Singapore. "So the refineries are not configured to buy a lot of Russian oil." India's foreign minister S Jaishankar has hit out at concerns being raised over India buying Russian oil, saying that “it’s like a campaign on this issue”. Defending India’s position, Jaishankar said, “When oil prices go up it is natural for countries to go out into the market and look for what are the good deals for their people. I am pretty sure if we wait two or three months, and actually look at who are the big buyers of Russian gas and oil, I suspect the list will not be very different from what it used to be, and I suspect we won’t be on the top 10 on that list.” (With inputs from agencies)

India-Russia talks: Amid sanctions, Moscow offers India steep discounts on oil: Report

India's foreign minister S Jaishankar hit out at concerns being raised over India buying Russian oil, saying that “it’s like a campaign on this issue”.

Jaishankar was speaking at the first India-UK Strategic Futures Forum (IUSFF), which also saw the attendance of UK Foreign Secretary Liz Truss.

Truss is on a two-day visit to India for a “wider diplomatic push” following Russia’s illegal invasion of&nbsp;Ukraine.

The event was organised by the Ministry of External Affairs’ think tank, Indian Council for World Affairs.

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Without mentioning names, EAM Jaishankar says "It's like a campaign on this issue.." over India Importing Oil from Russia. Points to Europe importing energy from Russia <a href="https://t.co/2S6y23xRfH">pic.twitter.com/2S6y23xRfH</a>
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During the event, the minister pointed out that European countries remained the biggest buyers of oil and gas from Russia despite the sanctions.

He added that India’s own energy purchases were mostly from the Middle East and from the US.

“I was reading a report&nbsp;that in the month of March&nbsp;Europe has bought 15 per cent more oil and gas from Russia than it did the month before. If you look at the major buyers of oil and gas from Russia, you will find most of them in Europe,” Jaishankar said.

“We get the bulk of our energy supplies from the Middle East, 7.5 – 8 per cent from the US and it was less than a per cent from Russia earlier,” he added.

Defending India’s position, Jaishankar said, “When oil prices go up it is natural for countries to go out into the market and look for what are the good deals for their people. I am pretty sure if we wait two or three months, and actually look at who are the big buyers of Russian gas and oil, I suspect the list will not be very different from what it used to be, and I suspect we won’t be on the top 10 on that list.”&nbsp;

When Truss was asked about UK’s reaction on India purchasing discounted Russian oil, she said, “India is a sovereign nation; I am not going to tell India what to do… I feel very strongly on support for Ukraine, but that is not the same as going around and telling other countries what to do.”

India's foreign minister S Jaishankar hit out at concerns being raised over India buying Russian oil, saying that “it’s like a campaign on this issue”. Jaishankar was speaking at the first India-UK Strategic Futures Forum (IUSFF), which also saw the attendance of UK Foreign Secretary Liz Truss.

India's foreign minister S Jaishankar hit out at concerns being raised over India buying Russian oil, saying that “it’s like a campaign on this issue”. Jaishankar was speaking at the first India-UK Strategic Futures Forum (IUSFF), which also saw the attendance of UK Foreign Secretary Liz Truss. Truss is on a two-day visit to India for a “wider diplomatic push” following Russia’s illegal invasion of Ukraine. The event was organised by the Ministry of External Affairs’ think tank, Indian Council for World Affairs. Without mentioning names, EAM Jaishankar says "It's like a campaign on this issue.." over India Importing Oil from Russia. Points to Europe importing energy from Russia pic.twitter.com/2S6y23xRfH — Sidhant Sibal (@sidhant) March 31, 2022 × During the event, the minister pointed out that European countries remained the biggest buyers of oil and gas from Russia despite the sanctions. He added that India’s own energy purchases were mostly from the Middle East and from the US. “I was reading a report that in the month of March Europe has bought 15 per cent more oil and gas from Russia than it did the month before. If you look at the major buyers of oil and gas from Russia, you will find most of them in Europe,” Jaishankar said. “We get the bulk of our energy supplies from the Middle East, 7.5 – 8 per cent from the US and it was less than a per cent from Russia earlier,” he added. Defending India’s position, Jaishankar said, “When oil prices go up it is natural for countries to go out into the market and look for what are the good deals for their people. I am pretty sure if we wait two or three months, and actually look at who are the big buyers of Russian gas and oil, I suspect the list will not be very different from what it used to be, and I suspect we won’t be on the top 10 on that list.” When Truss was asked about UK’s reaction on India purchasing discounted Russian oil, she said, “India is a sovereign nation; I am not going to tell India what to do… I feel very strongly on support for Ukraine, but that is not the same as going around and telling other countries what to do.”

Foreign minister Jaishankar hits out at 'campaign' against India for buying Russian oil

The United States is preparing to step up the enforcement of sanctions against Moscow, this is according to senior American officials. A significant increase in Russian oil imports by India could potentially expose New Delhi to a greater risk.

India: New Delhi continues to buy Russian oil,  US may restrict other countries' oil purchase

Amid sanctions on Russia, Germany sounded an "early warning" over gas supply signalling there could be a possible disruption due gas inflow&nbsp;from Putin's regime.

Germany's move comes as Russia announced it will not immediately require its natural gas buyers to pay in rubles after earlier announcing it will accept payments in its national currency.

<a href="https://www.wionews.com/photos/russias-tactical-nuclear-weapons-arsenal-will-putin-use-it-466893">Also Read in Pics:&nbsp;Russia's tactical nuclear weapons arsenal: Will Putin use it?</a>

Reports claim the central bank and Russia's Gazprom are expected to present the Russian president with a system to conduct business in rubles.

Kremlin spokesman Peskov said payment in Roubles needs to be "explored" even&nbsp;German regulators said the early warning was meant to avoid a deterioration of gas supply.

Watch:&nbsp;Russia turns to China amid isolation, Lavrov on first China visit since invasion

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The German minister warned of "high prices or certain restrictions" amid the gas supply warning.

The Biden administration had earlier banned the import of Russian oil and gas among other measures. The EU has however retained delivery of gas supplies. The EU reportedly received 40 per cent of its gas supplies from Russia last year.

Russia had insisted that payment should be made in rubles however the move was rejected by G7 ministers.

<a href="https://www.wionews.com/photos/history-of-urban-warfare-why-russia-will-find-it-difficult-to-conquer-kyiv-465932">Read:&nbsp;History of urban warfare &amp; why Russia will find it difficult to conquer Kyiv</a>

After talks between Russia and Ukraine, Europe's major stock markets jumped higher and the rouble soared by 10 per cent against the dollar and over one per cent versus the Euro.

(With inputs from Agencies)

Amid sanctions on Russia, Germany sounded an "early warning" over gas supply signalling there could be a possible disruption due gas inflow from Putin's regime. Germany's move comes as Russia announced it will not immediately require its natural gas buyers to pay in rubles after earlier announcing it will accept payments in its national currency.

Amid sanctions on Russia, Germany sounded an "early warning" over gas supply signalling there could be a possible disruption due gas inflow from Putin's regime. Germany's move comes as Russia announced it will not immediately require its natural gas buyers to pay in rubles after earlier announcing it will accept payments in its national currency. Also Read in Pics: Russia's tactical nuclear weapons arsenal: Will Putin use it? Reports claim the central bank and Russia's Gazprom are expected to present the Russian president with a system to conduct business in rubles. Kremlin spokesman Peskov said payment in Roubles needs to be "explored" even German regulators said the early warning was meant to avoid a deterioration of gas supply. Watch: Russia turns to China amid isolation, Lavrov on first China visit since invasion The German minister warned of "high prices or certain restrictions" amid the gas supply warning. The Biden administration had earlier banned the import of Russian oil and gas among other measures. The EU has however retained delivery of gas supplies. The EU reportedly received 40 per cent of its gas supplies from Russia last year. Russia had insisted that payment should be made in rubles however the move was rejected by G7 ministers. Read: History of urban warfare & why Russia will find it difficult to conquer Kyiv After talks between Russia and Ukraine, Europe's major stock markets jumped higher and the rouble soared by 10 per cent against the dollar and over one per cent versus the Euro. (With inputs from Agencies)

Ukraine war: Germany sounds 'early warning' over Russian gas supply

As western countries look for alternate sources of oil, British Prime Minister Boris Johnson has traveled to west Asia as part of his drive to help lessen the west dependency on Russian oil. Johnson arrived in the UAE to secure additional oil flows and increase pressure on Vladimir Putin over Ukraine.

West looks for alternatives to Russian Oil, UK PM Boris Johnson arrives in UAE

If a recent study is to be believed, European countries are making oil payments amounting to $285 million (£217 million) every day to Russia, which is then helping Putin to fund&nbsp;his war against Ukraine.

New analysis by the Transport &amp; Environment (T&amp;E) thinktank estimates that Russia received $104bn from its crude, petrol and diesel exports to Europe and UK last year, more than twice the $43bn it took from gas shipments.

“Europe is sending over a quarter of a billion to Putin every day, even as he wages war in its own backyard. This has to end. But we should not simply swap Russian oil for Saudi oil. It’s time to greatly improve transport efficiency and turbocharge the electrification of transport to drive down our oil consumption,” William Todts, executive director of T&amp;E, said.

European countries are reliant on Russian oil for over a quarter of their crude oil.

Also read |&nbsp;<a href="https://www.wionews.com/world/chinas-xi-calls-for-maximum-restraint-offers-to-mediate-between-ukraine-and-russia-460498" hreflang="en">Xi calls for ‘restraint’, offers to mediate between Ukraine and Russia</a>

While some European countries like Slovakia are dependent on Russia for over 90 per cent of their oil, the continent’s dependence as a whole, while significant, is not significant, the analysis shows.

The report was released just days ahead of the announcement made by the&nbsp;US to ban Russian oil imports. Shell also said that it would shut down its Russian petrol stations and oil spot purchases.

UK prime minister Boris Johnson is also expected to make a statement later this week on reducing British imports of Russian gas. Apart from that, several European countries are working out alternatives to end reliance on Russian oil.

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-demands-us-explain-biological-programme-in-ukraine-460552">Russia demands explanation from US for 'biological programme' in Ukraine</a>

Reacting to the US measures, Russia’s deputy prime minister Alexander Novak, said that any rejection of Russian oil would have “catastrophic consequences” and could send prices as high as $300 a barrel.

Europe imported more than 200m tonnes of oil from&nbsp;Russia&nbsp;each year between 2004 and 2017, even increasing its purchases in the two years after Russia seized Crimea in 2014.

(With inputs from agencies)

If a recent study is to be believed, European countries are making oil payments amounting to $285 million (£217 million) every day to Russia, which is then helping Putin to fund his war against Ukraine.

If a recent study is to be believed, European countries are making oil payments amounting to $285 million (£217 million) every day to Russia, which is then helping Putin to fund his war against Ukraine. New analysis by the Transport & Environment (T&E) thinktank estimates that Russia received $104bn from its crude, petrol and diesel exports to Europe and UK last year, more than twice the $43bn it took from gas shipments. “Europe is sending over a quarter of a billion to Putin every day, even as he wages war in its own backyard. This has to end. But we should not simply swap Russian oil for Saudi oil. It’s time to greatly improve transport efficiency and turbocharge the electrification of transport to drive down our oil consumption,” William Todts, executive director of T&E, said. European countries are reliant on Russian oil for over a quarter of their crude oil. Also read | Xi calls for ‘restraint’, offers to mediate between Ukraine and Russia While some European countries like Slovakia are dependent on Russia for over 90 per cent of their oil, the continent’s dependence as a whole, while significant, is not significant, the analysis shows. The report was released just days ahead of the announcement made by the US to ban Russian oil imports. Shell also said that it would shut down its Russian petrol stations and oil spot purchases. UK prime minister Boris Johnson is also expected to make a statement later this week on reducing British imports of Russian gas. Apart from that, several European countries are working out alternatives to end reliance on Russian oil. Also read | Russia demands explanation from US for 'biological programme' in Ukraine Reacting to the US measures, Russia’s deputy prime minister Alexander Novak, said that any rejection of Russian oil would have “catastrophic consequences” and could send prices as high as $300 a barrel. Europe imported more than 200m tonnes of oil from Russia each year between 2004 and 2017, even increasing its purchases in the two years after Russia seized Crimea in 2014. (With inputs from agencies)

Putin's war on Ukraine being bolstered by oil payments from Europe: Report

UK said on Tuesday that it had taken decision to phase out oil imports from Russia by the end of 2022. The decision has been taken in line with new sanctions announced by the US on Russia. The US has put a ban on import of Russian oil.

"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.&nbsp;

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".

Also Read | <a href="https://www.wionews.com/world/joe-biden-bans-us-import-of-russian-oil-global-economy-to-face-heat-460356">Joe Biden bans US import of Russian oil, global economy to face heat?</a>

The announcement came in coordination with an embargo on Russian oil announced by US President Joe Biden.

It risks exacerbating a cost-of-living crisis in Britain, with prices of petrol and diesel already surging amid market turmoil following energy-rich Russia's aggression against Ukraine.

But Kwarteng said most of Britain's crude oil imports come from "reliable partners" such as the United States, the Netherlands and Gulf states.&nbsp;

"We'll work with them this year to secure further supplies," he said.

"The market has already begun to ostracise Russian oil, with nearly 70 percent of it currently unable to find a buyer," the business minister added.

Kwarteng announced a new government taskforce on oil to help companies transition away from Russian oil.

British dockers at a facility in northwest England on Saturday refused to unload Russian oil from a tanker, calling for the government to close a "loophole" in sanctions allowing deliveries from foreign-flagged ships.

(With inputs from agencies) 
&nbsp;

UK said on Tuesday that it had taken decision to phase out oil imports from Russia by the end of 2022. The decision has been taken in line with new sanctions announced by the US on Russia.

UK said on Tuesday that it had taken decision to phase out oil imports from Russia by the end of 2022. The decision has been taken in line with new sanctions announced by the US on Russia. The US has put a ban on import of Russian oil. "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". Also Read | Joe Biden bans US import of Russian oil, global economy to face heat? The announcement came in coordination with an embargo on Russian oil announced by US President Joe Biden. It risks exacerbating a cost-of-living crisis in Britain, with prices of petrol and diesel already surging amid market turmoil following energy-rich Russia's aggression against Ukraine. But Kwarteng said most of Britain's crude oil imports come from "reliable partners" such as the United States, the Netherlands and Gulf states. "We'll work with them this year to secure further supplies," he said. "The market has already begun to ostracise Russian oil, with nearly 70 percent of it currently unable to find a buyer," the business minister added. Kwarteng announced a new government taskforce on oil to help companies transition away from Russian oil. British dockers at a facility in northwest England on Saturday refused to unload Russian oil from a tanker, calling for the government to close a "loophole" in sanctions allowing deliveries from foreign-flagged ships. (With inputs from agencies)

UK to phase out Russian oil by year-end

Two US citizens jailed in Venezuela were released following high-level talks with the US delegation in Caracas.

One of those freed on Tuesday is Gustavo Cárdenas, an executive with Citgo, a US refining company once controlled by Venezuela's state oil firm.

He was arrested in 2017 and convicted on charges of corruption that the US government said were fabricated.

The other is Jorge Alberto Fernández who was detained on unrelated charges.

“Tonight, two Americans who were wrongfully detained in Venezuela will be able to hug their families once more,” US President Joe Biden said in a statement.

Their release is being seen as a goodwill gesture by the experts following a rare visit to Caracas by a high-level US delegation.

Also read |&nbsp;<a href="https://www.wionews.com/world/european-union-adds-160-russian-oligarchs-senators-to-sanctions-blacklist-460584">European Union adds 160 Russian oligarchs, senators to sanctions blacklist</a>

The release of two men came hours after Venezuelan President Nicolas Maduro expressed an interest in improving relations with the US.

The US seeks to improve&nbsp;ties with Venezuela considering that it has banned imports of Russian oil and is seeking to plug the shortfall with the Venezuelan oil to temper rising gas prices.

Biden ramped up the pressure campaign on Moscow on Tuesday with his announcement of a US ban on Russian oil and other energy imports. The ban could further increase prices at the pump for American consumers, adding to inflationary pressure.

Also read |&nbsp;<a href="https://www.wionews.com/world/europe-paying-285mn-every-day-in-oil-payments-to-fund-putins-war-in-ukraine-report-460592" hreflang="en">Europe paying $285mn every day in oil payments to fund Putin’s war in Ukraine: Report</a>

The South American country has huge oil reserves but the US imposed sanctions on Venezuela's oil sector in 2019 after President Maduro was sworn in to a second term in office following elections widely dismissed as neither free nor fair.

With oil expected to become scarcer following President Biden's announcement, the US has been looking for potential sources to make up the shortfall.

(With inputs from agencies)

Two US citizens jailed in Venezuela were released following high-level talks with the US delegation in Caracas. One of those freed on Tuesday is Gustavo Cárdenas, an executive with Citgo, a US refining company once controlled by Venezuela's state oil firm.

Two US citizens jailed in Venezuela were released following high-level talks with the US delegation in Caracas. One of those freed on Tuesday is Gustavo Cárdenas, an executive with Citgo, a US refining company once controlled by Venezuela's state oil firm. He was arrested in 2017 and convicted on charges of corruption that the US government said were fabricated. The other is Jorge Alberto Fernández who was detained on unrelated charges. “Tonight, two Americans who were wrongfully detained in Venezuela will be able to hug their families once more,” US President Joe Biden said in a statement. Their release is being seen as a goodwill gesture by the experts following a rare visit to Caracas by a high-level US delegation. Also read | European Union adds 160 Russian oligarchs, senators to sanctions blacklist The release of two men came hours after Venezuelan President Nicolas Maduro expressed an interest in improving relations with the US. The US seeks to improve ties with Venezuela considering that it has banned imports of Russian oil and is seeking to plug the shortfall with the Venezuelan oil to temper rising gas prices. Biden ramped up the pressure campaign on Moscow on Tuesday with his announcement of a US ban on Russian oil and other energy imports. The ban could further increase prices at the pump for American consumers, adding to inflationary pressure. Also read | Europe paying $285mn every day in oil payments to fund Putin’s war in Ukraine: Report The South American country has huge oil reserves but the US imposed sanctions on Venezuela's oil sector in 2019 after President Maduro was sworn in to a second term in office following elections widely dismissed as neither free nor fair. With oil expected to become scarcer following President Biden's announcement, the US has been looking for potential sources to make up the shortfall. (With inputs from agencies)

Venezuela releases two US citizens as Maduro & Biden attempt to bridge gap amid Russia crisis

A week after a chorus of Western executives from Exxon Mobil, BP, Shell and other companies denounced Moscow’s violent onslaught in Ukraine and pledged to pull their companies out of Russian ventures, it appears the turbulence for Russia’s energy industry has only begun.

For the oil companies, three decades of carefully nurturing investments in what was always a difficult political environment is poised to quickly go by the boards. But the high point of Western involvement in Russia passed years ago, pushed along in part by outrage over Moscow’s annexation of Crimea in 2014.

The Russian oil industry, though, is likely to experience a wrenching reworking about how it does business in the coming weeks, months and even years. In the short term, this painful reckoning will come not so much because blue-chip oil companies are leaving but because Russian oil and gas have suddenly become toxic to many buyers.

On Tuesday, President Joe Biden plans to announce a ban on Russian oil imports to the United States, a move aimed at further penalizing Russia. Earlier in the day, Shell, Europe’s largest oil company, said it would stop buying the country’s oil and gas and “withdraw from its involvement in all Russian hydrocarbons.”

Until the invasion, Russian oil was a critical fuel in Europe and other markets, including the United States, where it made up about 7% of imports. Now the Russian crude known as Urals is being sold either at steep discounts to Brent crude, the international bench mark, or not at all. Beyond the United States, other countries are considering whether to impose embargoes on Russian energy imports.

The question that the Russian industry immediately faces is whether to throttle back production. Russia has been producing about 10 per cent&nbsp;of the world’s oil supplies.

“There is no reason to produce more oil if you cannot sell it,” said Tatiana Mitrova, an expert on the Russian industry and a fellow at the Columbia Center on Global Energy Studies.

Russian companies will be shopping for new buyers in Asia and other regions where the outrage over Ukraine is less pronounced. Mitrova said that over time, “there will be a massive orientation of oil and gas flows from European markets, first of all to China.”

Mitrova said Russia would accelerate expansion of existing oil and gas pipelines to China.

In the longer term, though, the future of the Russian industry, which bankrolls a large portion of the government budget, has turned cloudy. China, for instance, is a hard bargainer that pays only a fraction of the price for Russian natural gas that customers in rich European countries like Germany and Italy are now paying.

And the output of the vast West Siberian oil fields and other older operations that have sustained Russia as a world-leading oil producer for decades is in decline.

New fields being developed by Russia around the Arctic are “notable for their harsh operating conditions and higher costs,” according to a recent study by Energy Aspects, a research firm.

In the past, Western companies have taken on difficult projects like offshore drilling and liquefied natural gas, or LNG, development while leaving the more plain-vanilla undertakings to Russian competitors.

Where the capital and know-how for these projects will come from is now open to question. The most high-profile of these developments, Vostok, which would sprawl across a vast northern region, “could be disrupted as U.S. and EU sanctions place growing pressure” on the Russian industry, the report said.

On March 2, Trafigura, a Singapore-based trading company that is financing part of Vostok, which is led by Rosneft, the state-controlled oil company, said it was “reviewing the options” regarding its 10%, 1.5 billion-euro shareholding in Vostok Oil, a vehicle for some of these developments.

Vostok, a North Sea-size group of projects, may be Russia’s hope for the coming years, but Mitrova and other specialists say the Russian industry could probably keep plugging along for some time even after the large companies have sold or otherwise disposed of their investments.

Of course, when the hundreds of Western technical experts and managers based in Russia leave, they will be missed, and the Russian industry could develop headaches trying to find high-tech spare parts and software updates.

Still, ventures involving Western companies account for only about 15% of Russian oil production, Mitrova figures. Russia has a large oil and gas industry with trained personnel who can operate most facilities, analysts say.

“It is very easy to find Russian technical people to work on these projects,” said Serkan Sahin, an analyst who follows Russian oil at Energy Aspects.

Well before the invasion of Ukraine, Western companies had largely stopped seeing Russia as a crucial part of their future.

In 2018, Exxon Mobil was forced to pull out of its most promising Russia venture, drilling in the Arctic, because of sanctions imposed after Russia annexed Crimea. Exxon announced last week that it would wind down its involvement in a quarter-century-old oil and gas project on Sakhalin Island in the Russian Far East. Shell is also on Sakhalin, where it is a minority shareholder in a liquefied natural gas venture, and it, too, said it would exit the investment.

BP has also been slowly exiting Russia. In 2013, it gave up on a joint venture called TNK-BP, which it had formed with a group of oligarchs 10 years earlier, selling it to Rosneft for $12.5 billion in cash and a nearly 20% stake that it was required to take in the state-controlled company.

The Rosneft holding was, until recently, too valuable to walk away from (BP pegged it at $14 billion at the end of 2021) but also increasingly uncomfortable for a Western giant steering away from oil, and its investors.

“I think it was an easy decision to make,” said Oswald Clint, an analyst at Bernstein, a research firm.

The glaring exception is TotalEnergies, the French company, which continued to invest in giant liquefied natural gas projects in the Russian Arctic after the Crimea sanctions were imposed.

TotalEnergies also owns nearly one-fifth of Novatek, a Russian natural gas producer that is the main owner of the Arctic installations. TotalEnergies said recently that it would not invest in new projects in Russia, but it seems to be digging in on the LNG ventures — one of which is not expected to start producing until 2023.

There is of course the question of whether the oil companies will really leave. They have not sold anything yet, and if Vladimir Putin, the Russian president, decided to stop the war and was rehabilitated, they might be persuaded to change their minds.

On the other hand, there is little reason to think that they would make announcements involving billions of dollars of investments without carefully considering the consequences. Putin and his associates follow the oil industry closely and are unlikely to look kindly on companies and executives that abandoned him at one of his most difficult moments.

A week after a chorus of Western executives from Exxon Mobil, BP, Shell and other companies denounced Moscow’s violent onslaught in Ukraine and pledged to pull their companies out of Russian ventures, it appears the turbulence for Russia’s energy industry has only begun.

A week after a chorus of Western executives from Exxon Mobil, BP, Shell and other companies denounced Moscow’s violent onslaught in Ukraine and pledged to pull their companies out of Russian ventures, it appears the turbulence for Russia’s energy industry has only begun. For the oil companies, three decades of carefully nurturing investments in what was always a difficult political environment is poised to quickly go by the boards. But the high point of Western involvement in Russia passed years ago, pushed along in part by outrage over Moscow’s annexation of Crimea in 2014. The Russian oil industry, though, is likely to experience a wrenching reworking about how it does business in the coming weeks, months and even years. In the short term, this painful reckoning will come not so much because blue-chip oil companies are leaving but because Russian oil and gas have suddenly become toxic to many buyers. On Tuesday, President Joe Biden plans to announce a ban on Russian oil imports to the United States, a move aimed at further penalizing Russia. Earlier in the day, Shell, Europe’s largest oil company, said it would stop buying the country’s oil and gas and “withdraw from its involvement in all Russian hydrocarbons.” Until the invasion, Russian oil was a critical fuel in Europe and other markets, including the United States, where it made up about 7% of imports. Now the Russian crude known as Urals is being sold either at steep discounts to Brent crude, the international bench mark, or not at all. Beyond the United States, other countries are considering whether to impose embargoes on Russian energy imports. The question that the Russian industry immediately faces is whether to throttle back production. Russia has been producing about 10 per cent of the world’s oil supplies. “There is no reason to produce more oil if you cannot sell it,” said Tatiana Mitrova, an expert on the Russian industry and a fellow at the Columbia Center on Global Energy Studies. Russian companies will be shopping for new buyers in Asia and other regions where the outrage over Ukraine is less pronounced. Mitrova said that over time, “there will be a massive orientation of oil and gas flows from European markets, first of all to China.” Mitrova said Russia would accelerate expansion of existing oil and gas pipelines to China. In the longer term, though, the future of the Russian industry, which bankrolls a large portion of the government budget, has turned cloudy. China, for instance, is a hard bargainer that pays only a fraction of the price for Russian natural gas that customers in rich European countries like Germany and Italy are now paying. And the output of the vast West Siberian oil fields and other older operations that have sustained Russia as a world-leading oil producer for decades is in decline. New fields being developed by Russia around the Arctic are “notable for their harsh operating conditions and higher costs,” according to a recent study by Energy Aspects, a research firm. In the past, Western companies have taken on difficult projects like offshore drilling and liquefied natural gas, or LNG, development while leaving the more plain-vanilla undertakings to Russian competitors. Where the capital and know-how for these projects will come from is now open to question. The most high-profile of these developments, Vostok, which would sprawl across a vast northern region, “could be disrupted as U.S. and EU sanctions place growing pressure” on the Russian industry, the report said. On March 2, Trafigura, a Singapore-based trading company that is financing part of Vostok, which is led by Rosneft, the state-controlled oil company, said it was “reviewing the options” regarding its 10%, 1.5 billion-euro shareholding in Vostok Oil, a vehicle for some of these developments. Vostok, a North Sea-size group of projects, may be Russia’s hope for the coming years, but Mitrova and other specialists say the Russian industry could probably keep plugging along for some time even after the large companies have sold or otherwise disposed of their investments. Of course, when the hundreds of Western technical experts and managers based in Russia leave, they will be missed, and the Russian industry could develop headaches trying to find high-tech spare parts and software updates. Still, ventures involving Western companies account for only about 15% of Russian oil production, Mitrova figures. Russia has a large oil and gas industry with trained personnel who can operate most facilities, analysts say. “It is very easy to find Russian technical people to work on these projects,” said Serkan Sahin, an analyst who follows Russian oil at Energy Aspects. Well before the invasion of Ukraine, Western companies had largely stopped seeing Russia as a crucial part of their future. In 2018, Exxon Mobil was forced to pull out of its most promising Russia venture, drilling in the Arctic, because of sanctions imposed after Russia annexed Crimea. Exxon announced last week that it would wind down its involvement in a quarter-century-old oil and gas project on Sakhalin Island in the Russian Far East. Shell is also on Sakhalin, where it is a minority shareholder in a liquefied natural gas venture, and it, too, said it would exit the investment. BP has also been slowly exiting Russia. In 2013, it gave up on a joint venture called TNK-BP, which it had formed with a group of oligarchs 10 years earlier, selling it to Rosneft for $12.5 billion in cash and a nearly 20% stake that it was required to take in the state-controlled company. The Rosneft holding was, until recently, too valuable to walk away from (BP pegged it at $14 billion at the end of 2021) but also increasingly uncomfortable for a Western giant steering away from oil, and its investors. “I think it was an easy decision to make,” said Oswald Clint, an analyst at Bernstein, a research firm. The glaring exception is TotalEnergies, the French company, which continued to invest in giant liquefied natural gas projects in the Russian Arctic after the Crimea sanctions were imposed. TotalEnergies also owns nearly one-fifth of Novatek, a Russian natural gas producer that is the main owner of the Arctic installations. TotalEnergies said recently that it would not invest in new projects in Russia, but it seems to be digging in on the LNG ventures — one of which is not expected to start producing until 2023. There is of course the question of whether the oil companies will really leave. They have not sold anything yet, and if Vladimir Putin, the Russian president, decided to stop the war and was rehabilitated, they might be persuaded to change their minds. On the other hand, there is little reason to think that they would make announcements involving billions of dollars of investments without carefully considering the consequences. Putin and his associates follow the oil industry closely and are unlikely to look kindly on companies and executives that abandoned him at one of his most difficult moments.

Future turns dark for Russia’s oil industry

As the war against Ukraine continues,&nbsp;President Joe Biden announced on Tuesday that his administration is banning Russian oil imports.

The US president said the decision to ban Russian&nbsp;oil&nbsp;imports was done "in close consultation"&nbsp;with allies.

<a href="https://www.wionews.com/world/just-how-crucial-is-russian-gas-for-west-in-spite-of-its-invasion-of-ukraine-460314">Also Read:&nbsp;Just how crucial is Russian gas for West, in spite of its invasion of Ukraine</a>

Russia reportedly accounts for less than ten per cent of US imports of oil and petroleum products, however, the US has already been witnessing surging oil prices in the past few days.

"We're banning all imports of Russian&nbsp;oil&nbsp;and&nbsp;gas&nbsp;and energy. That means Russian&nbsp;oil&nbsp;will no longer be acceptable at US ports and the American people will deal another powerful blow to (President Vladimir) Putin," Biden said in a statement from the White House.

"Russia may&nbsp;continue to grind&nbsp;out&nbsp;its&nbsp;advance&nbsp;at a horrible price but this much is already clear -&nbsp;Ukraine will never be a victory for Putin," Biden said, adding,&nbsp;"Putin may be able to take a city, but he'll never be able to hold the country."

Meanwhile, Brent crude futures touched $130 on Tuesday with oil prices surging nearly 30 per cent in the US amid the Russian invasion of Ukraine. Russia is the world's top exporter of crude and oil products with Biden's announcement expected to drive up crude prices.

Watch:&nbsp;Russia threatens Europe's gas supply

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/ukraine-war-puts-oil-market-in-turmoil-russia-threatens-europes-gas-supplies-460214/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

International buyers had earlier begun to shun Russian oil as the US and its allies announced a wave of sanctions due to the high cost of transportation.

On Tuesday, energy giant Shell said it will not be involved in Russian gas and oil and will halt purchase of its crude oil.

<a href="https://www.wionews.com/world/what-alternatives-can-russia-use-as-allies-deploy-financial-nuclear-weapon-460269">Also Read:&nbsp;Here are the alternatives Russia can use as allies deploy 'financial nuclear weapon'</a>

"Shell today announced its intent to withdraw from its involvement in all Russian hydrocarbons, including crude oil, petroleum products, gas and liquefied natural gas in a phased manner, aligned with new (UK) government guidance," Shell said.

"As an immediate first step, the company will stop all spot purchases of Russian crude oil," it added while announcing that it was also stopping service stations, aviation fuel and lubricants operations in Russia.

(With inputs from Agencies)

As the war against Ukraine continues, President Joe Biden announced on Tuesday that his administration is banning Russian oil imports. The US president said the decision to ban Russian oil imports was done "in close consultation" with allies.

As the war against Ukraine continues, President Joe Biden announced on Tuesday that his administration is banning Russian oil imports. The US president said the decision to ban Russian oil imports was done "in close consultation" with allies. Also Read: Just how crucial is Russian gas for West, in spite of its invasion of Ukraine Russia reportedly accounts for less than ten per cent of US imports of oil and petroleum products, however, the US has already been witnessing surging oil prices in the past few days. "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 a statement from the White House. "Russia may continue to grind out its advance at a horrible price but this much is already clear - Ukraine will never be a victory for Putin," Biden said, adding, "Putin may be able to take a city, but he'll never be able to hold the country." Meanwhile, Brent crude futures touched $130 on Tuesday with oil prices surging nearly 30 per cent in the US amid the Russian invasion of Ukraine. Russia is the world's top exporter of crude and oil products with Biden's announcement expected to drive up crude prices. Watch: Russia threatens Europe's gas supply International buyers had earlier begun to shun Russian oil as the US and its allies announced a wave of sanctions due to the high cost of transportation. On Tuesday, energy giant Shell said it will not be involved in Russian gas and oil and will halt purchase of its crude oil. Also Read: Here are the alternatives Russia can use as allies deploy 'financial nuclear weapon' "Shell today announced its intent to withdraw from its involvement in all Russian hydrocarbons, including crude oil, petroleum products, gas and liquefied natural gas in a phased manner, aligned with new (UK) government guidance," Shell said. "As an immediate first step, the company will stop all spot purchases of Russian crude oil," it added while announcing that it was also stopping service stations, aviation fuel and lubricants operations in Russia. (With inputs from Agencies)

President Biden bans Russian oil imports

In the wake of Russian invasion of Ukraine, several western countries are contemplating to impose a ban on Russian oil import.

Even though US announcing sanctions on Russian oil is very much on the cards, several European countries have carefully avoided directly hitting the country’s energy exports.

Moreover, Russia has threatened to close a major gas pipeline to Germany and warned of $300 oil prices if the West goes ahead with a ban on its energy exports.

Even if US moves ahead with its plan, can other western nations follow suit considering that Russia caters to almost half of Europe’s gas needs?

Russian oil

Russia is the world’s second-largest producer of petroleum after the United States although, at times, its position fluctuates with that of Saudi Arabia.

Russia accounts for 7 per cent of the global share and is the top exporter of crude and oil products worldwide. Several European countries are heavily reliant on Russian energy.

Russia produces close to 11 million barrels of crude oil per day, of which roughly half the output is used to meet domestic demand.

About half of Russia’s oil output is shipped to European countries and another large chunk goes to China.

EU’s dependence

According to the International Energy Agency, the EU imported 155 billion cubic meters of natural gas from Russia in 2021, almost half (45%) of its gas imports and nearly 40 per cent of the total amount used.

The IEA has put together a 10-part plan to help the region reduce its dependence&nbsp;on&nbsp;the&nbsp;Russian energy source by a third in&nbsp;one year — while still adhering to the&nbsp;European Green Deal.

The plan includes not renewing expired contracts, ramping up renewable sources, keeping open existing nuclear power plants and asking the public to turn down the heat inside buildings.

Switching from burning natural&nbsp;gas&nbsp;to burning coal is a quick fix that is technically possible, but it’s not going to help the&nbsp;EU&nbsp;achieve its climate goals.

European countries that rely most on Russian gas

According to data from the European Union Agency for the Cooperation of Energy Regulators, Germany imports around half of its gas from Russia.

France procures about a quarter of its supply from Russia while it relies heavily more on Norway.

Italy would also be among the most impacted major economies at a 46 per cent reliance on Russian gas.

The UK, on the other hand, draws half its gas supply from domestic sources and imports mostly from Norway and Qatar.

Gas used in Spain also comes from different locations, the biggest trade partners being Algeria and the United States.

Some smaller countries in Europe rely exclusively on Russian gas, namely North Macedonia, Bosnia and Herzegovina and Moldova.

Dependence also exceeded 90 per cent of gas supply in Finland and Latvia. It stood at 89 per cent in Serbia as per the latest available data.

Inflationary shock

Expectations remain grim. JP Morgan predicts oil could hit a record $185 a barrel by 2022-end if the supply disruption to Russian exports lasts long, while a Reuters poll showed most&nbsp;analysts expect yearly price&nbsp;to average below $100.

With natural gas prices hitting all-time highs, soaring energy costs are expected to push inflation above 7 per cent on both sides of the Atlantic in the coming months and severely impact households' purchasing power.

What are the alternatives?

According to&nbsp;current estimates, 79.4 per cent of the world's proven oil reserves (1,189.80 billion barrels, as of 2018) are located in Organization of the Petroleum Exporting Countries (OPEC) member countries, with the bulk in West Asia, accounting for 64.5 per cent of the bloc's total.

During 2011-2020, OPEC members added 71.1 billion barrels to their total proven crude reserves, a significant addition compared to other producers.

On March 1, the US and other member states of the International Energy Agency (IEA) decided to release 60 million barrels of oil reserves to make up for supply disruptions caused by Russia's invasion of Ukraine.

(With inputs from agencies)

In the wake of Russian invasion of Ukraine, several western countries are contemplating to impose a ban on Russian oil import. Even though US announcing sanctions on Russian oil is very much on the cards, several European countries have carefully avoided directly hitting the country’s energy exports.

In the wake of Russian invasion of Ukraine, several western countries are contemplating to impose a ban on Russian oil import. Even though US announcing sanctions on Russian oil is very much on the cards, several European countries have carefully avoided directly hitting the country’s energy exports. Moreover, Russia has threatened to close a major gas pipeline to Germany and warned of $300 oil prices if the West goes ahead with a ban on its energy exports. Even if US moves ahead with its plan, can other western nations follow suit considering that Russia caters to almost half of Europe’s gas needs? Russian oil Russia is the world’s second-largest producer of petroleum after the United States although, at times, its position fluctuates with that of Saudi Arabia. Russia accounts for 7 per cent of the global share and is the top exporter of crude and oil products worldwide. Several European countries are heavily reliant on Russian energy. Russia produces close to 11 million barrels of crude oil per day, of which roughly half the output is used to meet domestic demand. About half of Russia’s oil output is shipped to European countries and another large chunk goes to China. EU’s dependence According to the International Energy Agency, the EU imported 155 billion cubic meters of natural gas from Russia in 2021, almost half (45%) of its gas imports and nearly 40 per cent of the total amount used. The IEA has put together a 10-part plan to help the region reduce its dependence on the Russian energy source by a third in one year — while still adhering to the European Green Deal. The plan includes not renewing expired contracts, ramping up renewable sources, keeping open existing nuclear power plants and asking the public to turn down the heat inside buildings. Switching from burning natural gas to burning coal is a quick fix that is technically possible, but it’s not going to help the EU achieve its climate goals. European countries that rely most on Russian gas According to data from the European Union Agency for the Cooperation of Energy Regulators, Germany imports around half of its gas from Russia. France procures about a quarter of its supply from Russia while it relies heavily more on Norway. Italy would also be among the most impacted major economies at a 46 per cent reliance on Russian gas. The UK, on the other hand, draws half its gas supply from domestic sources and imports mostly from Norway and Qatar. Gas used in Spain also comes from different locations, the biggest trade partners being Algeria and the United States. Some smaller countries in Europe rely exclusively on Russian gas, namely North Macedonia, Bosnia and Herzegovina and Moldova. Dependence also exceeded 90 per cent of gas supply in Finland and Latvia. It stood at 89 per cent in Serbia as per the latest available data. Inflationary shock Expectations remain grim. JP Morgan predicts oil could hit a record $185 a barrel by 2022-end if the supply disruption to Russian exports lasts long, while a Reuters poll showed most analysts expect yearly price to average below $100. With natural gas prices hitting all-time highs, soaring energy costs are expected to push inflation above 7 per cent on both sides of the Atlantic in the coming months and severely impact households' purchasing power. What are the alternatives? According to current estimates, 79.4 per cent of the world's proven oil reserves (1,189.80 billion barrels, as of 2018) are located in Organization of the Petroleum Exporting Countries (OPEC) member countries, with the bulk in West Asia, accounting for 64.5 per cent of the bloc's total. During 2011-2020, OPEC members added 71.1 billion barrels to their total proven crude reserves, a significant addition compared to other producers. On March 1, the US and other member states of the International Energy Agency (IEA) decided to release 60 million barrels of oil reserves to make up for supply disruptions caused by Russia's invasion of Ukraine. (With inputs from agencies)

Just how crucial Russian gas is for West, in spite of its invasion of Ukraine

As Russia continues to make advances in Ukraine, President Volodymyr Zelensky told US lawmakers that he needs an influx of fighter jets from NATO allies and an embargo on Russian oil, a report said. &nbsp;

This comes as NATO has refused to impose a no-fly zone in Ukrainian skies. &nbsp;

Ukrainian fighters need the jets "because their (anti-aircraft defenses) got destroyed on day one," a source, who is familiar with the conversation, told the Washington Examiner. &nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/weekend-special-who-is-a-russian-oligarch-heres-what-you-need-to-know-459198" hreflang="en">Weekend Special: Who is a Russian oligarch? Here's what you need to know</a>

During a virtual meeting, Zelensky also communicated with US lawmakers on Saturday morning that they "need an oil embargo on Russia." &nbsp;

Zelensky's frustration with Western officials was on full display as he acknowledged the value of the sanctions, which were imposed on Russia but said that they came too little, too late. &nbsp;&nbsp;

If Western leaders had implemented the penalties when Russian forces were mobilising around Ukraine, "there would not have been an invasion", the source said, in a paraphrase of Zelensky's remarks to the members of Congress. &nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/sigh-of-relief-183-indian-citizens-reach-delhi-in-special-flight-under-operation-ganga-459431" hreflang="en">Sigh of relief: 183 Indian citizens reach Delhi in special flight under Operation Ganga</a>

In the meeting, his appeal resonated with US lawmakers. &nbsp;

On Twitter, Senator Pat Toomey, a Pennsylvania Republican, wrote, "The US must impose both an import ban on Russian energy and secondary sanctions to force other countries to do the same. I also implore NATO countries to donate Soviet-made fighter jets to Ukraine. The White House should act now so Ukraine receives the jets they need for self-defence." &nbsp;&nbsp;

(With inputs from agencies)&nbsp;

As Russia continues to make advances in Ukraine, President Volodymyr Zelensky told US lawmakers that he needs an influx of fighter jets from NATO allies and an embargo on Russian oil, a report said.

As Russia continues to make advances in Ukraine, President Volodymyr Zelensky told US lawmakers that he needs an influx of fighter jets from NATO allies and an embargo on Russian oil, a report said. This comes as NATO has refused to impose a no-fly zone in Ukrainian skies. Ukrainian fighters need the jets "because their (anti-aircraft defenses) got destroyed on day one," a source, who is familiar with the conversation, told the Washington Examiner. Also Read | Weekend Special: Who is a Russian oligarch? Here's what you need to know During a virtual meeting, Zelensky also communicated with US lawmakers on Saturday morning that they "need an oil embargo on Russia." Zelensky's frustration with Western officials was on full display as he acknowledged the value of the sanctions, which were imposed on Russia but said that they came too little, too late. If Western leaders had implemented the penalties when Russian forces were mobilising around Ukraine, "there would not have been an invasion", the source said, in a paraphrase of Zelensky's remarks to the members of Congress. Also Read | Sigh of relief: 183 Indian citizens reach Delhi in special flight under Operation Ganga In the meeting, his appeal resonated with US lawmakers. On Twitter, Senator Pat Toomey, a Pennsylvania Republican, wrote, "The US must impose both an import ban on Russian energy and secondary sanctions to force other countries to do the same. I also implore NATO countries to donate Soviet-made fighter jets to Ukraine. The White House should act now so Ukraine receives the jets they need for self-defence." (With inputs from agencies)

Ukrainian President Volodymyr Zelensky sought fighter jets, Russian oil embargo, says report

As oil prices soared amid Russia's invasion of Ukraine, Tesla chief Elon Musk in a tweet said that "we need to increase oil &amp; gas output immediately."

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<blockquote class="twitter-tweet">
Hate to say it, but we need to increase oil &amp; gas output immediately. 
 
Extraordinary times demand extraordinary measures.
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1499907549746937860?ref_src=twsrc%5Etfw">March 5, 2022</a></blockquote>
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"Extraordinary times demand extraordinary measures," Musk said.

Musk's latest tweet comes as US officials said they have been "tracking the energy market on an hour by hour basis" over supply concerns.

<a href="https://www.wionews.com/world/nothing-is-off-the-table-us-may-target-russian-oil-imports-458302">Also Read:&nbsp;'Nothing is off the table': US may target Russian oil imports</a>

World oil prices have hit a new high even as President Joe Biden announced the US would release 30 million barrels from the strategic petroleum reserves to help stabilise the market.&nbsp;

Reports claim international buyers have shunned Russian oil due to Western sanctions and logistical challenges as the war in Ukraine entered its tenth day.

Brent North Sea crude oil hit $120 per barrel this week amid supply disruption fears&nbsp;even as OPEC and Russia refused to increase production. The war has also led to&nbsp;supply chain concerns even as markets look to recover from pandemic disruption.

Rating agency Moody's said Russia's war with Ukraine was the "the greatest risk" facing supply chains since the pandemic even as shipowners, MSC, Maersk and others announced they were halting their services to Russian ports which is likely to increase shipping costs.

Industrial metal prices surged after Russia's invasion of Ukraine as aluminium prices hit a new all-time high this week.

(With inputs from Agencies)

As oil prices soared amid Russia's invasion of Ukraine, Tesla chief Elon Musk in a tweet said that "we need to increase oil & gas output immediately." Hate to say it, but we need to increase oil & gas output immediately.

As oil prices soared amid Russia's invasion of Ukraine, Tesla chief Elon Musk in a tweet said that "we need to increase oil & gas output immediately." Hate to say it, but we need to increase oil & gas output immediately. Extraordinary times demand extraordinary measures. — Elon Musk (@elonmusk) March 5, 2022 × "Extraordinary times demand extraordinary measures," Musk said. Musk's latest tweet comes as US officials said they have been "tracking the energy market on an hour by hour basis" over supply concerns. Also Read: 'Nothing is off the table': US may target Russian oil imports World oil prices have hit a new high even as President Joe Biden announced the US would release 30 million barrels from the strategic petroleum reserves to help stabilise the market. Reports claim international buyers have shunned Russian oil due to Western sanctions and logistical challenges as the war in Ukraine entered its tenth day. Brent North Sea crude oil hit $120 per barrel this week amid supply disruption fears even as OPEC and Russia refused to increase production. The war has also led to supply chain concerns even as markets look to recover from pandemic disruption. Rating agency Moody's said Russia's war with Ukraine was the "the greatest risk" facing supply chains since the pandemic even as shipowners, MSC, Maersk and others announced they were halting their services to Russian ports which is likely to increase shipping costs. Industrial metal prices surged after Russia's invasion of Ukraine as aluminium prices hit a new all-time high this week. (With inputs from Agencies)

Hate to say it, but we need to increase oil & gas output immediately: Musk

Russia on Monday warned of a strong risk of global overproduction of oil that could lead crude prices to drop below $40 a barrel.

"There are really great risks of overproduction today," Russian Energy Minister Alexander Novak said during a meeting with Saudi counterpart Khalid al-Falih in Moscow.

"We have to analyse everything... in order to take a balanced decision in July," he said, referring to a key meeting of the so-called OPEC+ alliance between OPEC members and other oil-producing countries including Russia.

The alliance is set to meet in Vienna at the beginning of July according to the Saudi minister, to decide whether to extend an agreement on production levels.

Russia has agreed with OPEC member countries on cutting production of crude to build up prices after the crash of 2014-15.&nbsp;

The 25-member alliance agreed to cut output by 1.2 million barrels per day from the start of this year after oil prices dipped by more than 30 per cent late last year.

"Prices can drop below $40 and even down to $30 a barrel," Russian Finance Minister Anton Siluanov told lawmakers on Monday, quoted by Russian agencies.

Novak also said that such a scenario "cannot be ruled out".

"A lot depends on the situation on the market in the second and third quarter, from the balance of supply and demand, and how the situation develops with uncertainties, trade wars, and sanctions pressures on several countries," he said.

"We are working to take preventative steps to avoid the scenario that was discussed," Falih said regarding the prospects of prices falling to $30 a barrel, in translated comments.

Massive drops in exports by Iran and <a href="https://www.wionews.com/business-economy/venezuelas-oil-exports-drop-17-in-may-as-sanctions-kick-in-report-224373">Venezuela</a> plus the agreed output cuts implemented by the OPEC+ group since January have cut supplies.

US President Donald Trump has urged OPEC to boost oil production in order to tamp down rising prices.

Russia on Monday warned of a strong risk of global overproduction of oil that could lead crude prices to drop below $40 a barrel. "There are really great risks of overproduction today," Russian Energy Minister Alexander Novak said during a meeting with Saudi counterpart Khalid al-Falih in Moscow.

Russia on Monday warned of a strong risk of global overproduction of oil that could lead crude prices to drop below $40 a barrel. "There are really great risks of overproduction today," Russian Energy Minister Alexander Novak said during a meeting with Saudi counterpart Khalid al-Falih in Moscow. "We have to analyse everything... in order to take a balanced decision in July," he said, referring to a key meeting of the so-called OPEC+ alliance between OPEC members and other oil-producing countries including Russia. The alliance is set to meet in Vienna at the beginning of July according to the Saudi minister, to decide whether to extend an agreement on production levels. Russia has agreed with OPEC member countries on cutting production of crude to build up prices after the crash of 2014-15. The 25-member alliance agreed to cut output by 1.2 million barrels per day from the start of this year after oil prices dipped by more than 30 per cent late last year. "Prices can drop below $40 and even down to $30 a barrel," Russian Finance Minister Anton Siluanov told lawmakers on Monday, quoted by Russian agencies. Novak also said that such a scenario "cannot be ruled out". "A lot depends on the situation on the market in the second and third quarter, from the balance of supply and demand, and how the situation develops with uncertainties, trade wars, and sanctions pressures on several countries," he said. "We are working to take preventative steps to avoid the scenario that was discussed," Falih said regarding the prospects of prices falling to $30 a barrel, in translated comments. Massive drops in exports by Iran and Venezuela plus the agreed output cuts implemented by the OPEC+ group since January have cut supplies. US President Donald Trump has urged OPEC to boost oil production in order to tamp down rising prices.

Russia warns of 'great risk' of oil overproduction

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