New Delhi, 09 March 2022

As per news report of BBC, US President Joe Biden said the move targeted "the main artery of Russia's economy". Energy exports are a vital source of revenue for Russia but the move is also likely to impact Western consumers. Major brands have meanwhile continued to pull out of Russia, with McDonald's and Coca-Cola the latest to leave. Russia's economy is heavily dependent on energy. It is the world's third-biggest oil producer, behind Saudi Arabia and the US. Before the measures were announced, Russia warned of "catastrophic" consequences for the global economy and said it might close its main gas pipeline to Germany. On the ground in Ukraine, civilians have been evacuated from two under-attack areas while the US has said up to 4,000 Russian troops may have been killed in the conflict. The conflict has already sent petrol prices to record highs in the US and the UK and experts warn they could go even higher.

Source - BBC

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