Europe needs to sharpen eyes to see through US' 'tearjerker'

[superadmin]

On Tuesday local time, US President Joe Biden announced a ban on Russian oil, liquefied natural gas, and coal imports. This is so far the toughest sanctions launched by the US and its allies against Russia. It targets the main artery of Russia's economy and aims to "inflict further pain on Putin." Biden added that there will be costs as well in the US. But it is generally believed that people in Europe will mainly be the ones suffering from the pain and costs caused by these sanctions.

Data show that around 45 percent of the EU's natural gas came from Russia in 2021, and Russia is also Europe's largest oil supplier. Data from the ICE Stock Exchange in London show that gas futures prices in Europe on Monday rose by more than 50% and exceeded $3,500 per 1000 cubic meters. In contrast, the US does not import any Russian gas at all, and only eight percent of its oil and oil products come from Russia. However, US media plays along with Washington and claims these sanctions will result in price increases in the US. This is a "tearjerker" Washington has put on for Europe.

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