The US bans Russian oil imports in one of the harshest punishments for Putin yet

Sanctioning where it hurts… in the barrel. President Biden announced a halt on Russian oil imports in response to Putin’s escalation in Ukraine. FYI: oil makes up a third of Russia’s economy. Even worse for Putin: the EU said it would cut Russian gas imports by two-thirds by the end of this year, even though it’s much more reliant on Russian energy than the US. Europe depends on Russia for nearly half of its gas supply and a quarter of its oil. The US gets only 7% of its oil from Russia.

Pump anxiety… Reduced supply from Russia is causing gas prices to spike even higher. The average price of a gallon in the US hit a high of $4.10 yesterday, topping $7 in some places. And it’s not just crude that’s gone haywire. Russia and Ukraine are big exporters of other key commodities, which are also surging on fears of reduced supply:

• Costly Corn Flakes… Wheat and corn prices have spiked as the war strains supplies of global grains: cereal giants Kellogg and General Mills were already hiking prices before the war.
• Expensive-er EVs… The prices of precious metals like titanium, palladium, and nickel — critical for everything from EV batteries to airplane bodies — have soared, hurting companies from BMW to Boeing.