Russia stops oil supplies to United States

The trade turnover between the United States and Russia shows that 51 percent of all US imports account for petroleum products and minerals. The list continues with metals (14 percent) and precious metals and stones (14 percent). Cooperation with the Russian Federation is of great importance for the Americans.

Shipments of petroleum products account for a bulk of all goods that the United States buys from Russia. An increase in the cost of goods has already led to the suspension of certain production in the EU. Many of those branches were owned by US companies. The closure of production will affect them directly - oil shipments from Russia have been discontinued. 

Gas prices in Europe climb to $2,300

Meanwhile, prices on natural gas in Europe have grown to $2,300 per barrel, according to trading data on the London ICE exchange. The growth in the cost of April futures by the end of the previous trading day had amounted to nearly 20 percent.

By the end of February, the countries of the region had already used up all the volumes that had been piped into underground gas storage facilities in the summer. During the recent weeks, gas prices have risen amid geopolitical tensions due to concerns about supplies from Russia.