Moscow says nearly 180,000 people have left Ukraine for Russia
Military news highlights in Russia and Ukraine: Russia's Defense Ministry said that nearly 180,000 people had been evacuated from Ukraine to Russia since the conflict began on February 24, Russian news agency Interfax reported.
US President Joe Biden on Tuesday announced a ban on imports of Russian oil from the United States in the administration's most significant operation to punish Moscow for invading Ukraine, AFP reported. The ban comes with Democrats threatening to put the law in Biden's hands, even though it is likely to impact rising gas prices.
"We banned all imports of Russian oil, gas, and energy. That means Russian oil is no longer acceptable in American ports, and the American people (President Vladimir) will deal another powerful blow to Putin," Biden told the White House, adding that the decision was made "in close consultation" with those affected.
Britain, meanwhile, also said on Tuesday it would phase out imports of Russian oil by the end of the year, in line with new sanctions announced by the United States following the invasion of Ukraine. "This transition will give markets, businesses, and supply chains more than enough time to replace Russian imports - which account for 8.0% of UK demand," tweeted Business Secretary Quasi Quartering.
The oil sanctions do not apply to Russian natural gas, accounting for about four percent of Britain's supply. But Quarteng said he was "assessing options for ending this." The announcement came in coordination with the Russian oil embargo announced by US President Joe Biden.
Nickel prices, in particular, have risen more than 100% in recent days as the war between Russia and Ukraine causes shortages of metal and threatens to disrupt the production of batteries for electric vehicles. Russia supplies the world with about 10% of its nickel needs.
Rising prices could also increase margins in the electric vehicle industry. Nickel prices rose as much as 111% on March 8 and are currently above $100,000 per tonne. The London Metal Exchange (LME) halted trading as a three-month spike in nickel prices rose 66 percent to $80,000 a tonne.
US President Joe Biden wants a swift switch to electric cars to prevent "tyrants like Putin" from using fossil fuels as weapons. "Loosening environmental regulations will not lower prices. But our economy's transition to clean electric vehicles means no one has to worry about gas prices anymore. This will prevent tyrants like Putin from using fossil fuels as weapons," Biden said.