From: counting the cost
The United States and the United Kingdom ban Russian oil as the EU plans to drastically reduce its dependence on Russian gas.
Russia is the world’s largest exporter of natural gas and the second largest exporter of oil. But Washington has now banned Russian oil and gas in response to the Ukraine invasion, targeting its biggest source of revenue.
The European Union, which will feel the effects of moving away from Russian energy most acutely, aims to cut gas imports by two-thirds this year.
The move will worsen inflation and push up fuel prices, and Washington is scrambling to find alternative suppliers.
We also look at how the war is making Sri Lanka’s economic woes worse.