US President Joe Biden has officially announced the emergency release of 1 million barrels of oil per day from the strategic reserve.
The move is designed to combat the rising cost of gas, with the President linking the price hike directly to Vladimir Putin’s invasion of Ukraine.
Biden says he has coordinated America’s release of oil with a number of allies and partners right around the world.
And as these emergency barrels are released, the White House is also taking steps to punish oil companies that are failing to deliver.
Russian forces are continuing their assault of Ukraine, with U-S officials now convinced Moscow is focussing in on four key areas, including the capital of Kyiv.
A senior defence representative told CNN “Kyiv is still very much under threat from airstrikes”, despite Russian guarantees to pull back from the region.
NATO Secretary General Jens Stoltenberg warns he has not seen any evidence Russian troops are withdrawing.
Russian President Vladimir Putin has also announced his government will cut off gas supplies to so-called ‘unfriendly countries’ unless they pay for the supply in Russian Rubles.
From Friday, Putin says gas purchasers will be required to have financial accounts in Russian banks” from Friday, all in an attempt to boost the nation’s failing currency.
Germany says it will look into the demand, but warns there can be “no political blackmail” over gas imports.
