The rally in prices, especially of natural gas, following the invasion of Ukraine, led both the US and Europe to avoid sanctions against Russia that would have hit exports and sent energy prices soaring.
Russia is the world's third largest oil producer and the source of 40% of Europe's natural gas. In the measures announced by US President Joe Biden, Russian energy exports were spared sanctions after avoiding measures that could have further raised oil prices, worsened gas shortages in Europe and made gasoline more expensive for Americans.
(CNA)
CNA - Thalia Neophytou
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