The White House considers closing the doors to Russian oil and puts stocks in red
The future of European stocks is in the red as American press reports that the White House may close its doors to Russian oil imports without further balancing supply and demand in “black gold”.
The future of the Euro Stoxx 50 is down 2.8%, down 3.7% overnight. On Friday, the session ended with a March low of the updated European standard.
In Asia, Topics ended the session down 2.76%, the Nikkei fell 2.94% and in Hong Kong, the Hong Kong fell 3.35%. On China’s mainland, Shanghai lost 2.17%.
Joe Biden’s government is considering unilaterally banning Russian oil imports, without counting Europe’s support for the gesture against Russia, according to two sources close to Bloomberg’s involvement.
In support of the move, Speaker of the House of Representatives Nancy Pelosi sent a letter to lawmakers urging them to “examine strong legislation banning the import of Russian energy products.”
On Sunday, Secretary of State Anthony Blinken said in an interview with NBC that he was “discussing the possibility of restricting Russian oil imports with European partners”, but did not say whether the White House was ready to move forward. With this plan, even without the “hand” of European governments.
According to analysts, if the White House moves ahead with this move, it risks a further deep rise in the raw materials market, which is already under high pressure. In February, the Commodities Bloomberg Index hit its highest level since 2009.
“If Washington decides to move forward with this move, we will remove one of the key market players from this equation, which will have an impact not only on Russia’s accounts, but on the world as a whole, further affecting supply chains. Strategist John Triscall warned.
On the other hand, Arnab Das of Invesco Assets Management, a commentator on the same television station, agreed, “We have never been so close to reaching the stagnation of the 70s as we are now. Europe seems to be on the move. It should be one that emerges from this event.”