Russia can survive the decision of the United States to ban imports of Russian oil and gas, Stanislav Mitrakhovich, a leading expert at the National Energy Security Fund believes. According to him, it was only in the recent years, when the US increased imports of those products from Russia, so Russia will be able to make it up easily.
The dependence of the United States on Russian oil and gas imports can not be described as critical. There are other, more significant directions in the commodity exchange between Russia and the United States.
For example, Washington did not impose any restrictions on the imports of enriched uranium from Russia.
"As for oil and oil products, Russia has never been the main supplier of these goods to the American market, just like the United States has never been our main buyer. Europe and Asia are of greater importance to us,” Stanislav Mitrakhovich told the Economics Today.
According to the expert, a significant amount of Russian petroleum products appeared in the United States after the White House imposed sanctions against Venezuela. This country used to be a supplier of heavy grade oil to the USA. American companies had to urgently look for a replacement for them.
All that has happened in the last few years. Therefore, those exports were not a priority for the Russian Federation.
US refineries use heavy oils for operations. The US exports domestic shale raw materials and relies on imports to satisfy domestic needs. Russia's Urals oil appeared to be an excellent solution for the States due to acceptable logistics and the quality of raw materials.
US President Joseph Biden, having announced an embargo on oil and gas imports from Russia, said that Vladimir Putin would be to blame for further price increases.
Gasoline prices in the US tripled even before the ban on oil imports from Russia. In the United States, the cost of gas is a social indicator, and it may become a serious problem for the current administration, especially against the background of this year's congressional elections.
Obviously, Washington is currently trying to replace the Russian imports with the help of Venezuela or Iran. It was Venezuela that used to supply heavy oils to the United States. It remains unclear whether the US succeeds in the talks with those two countries.
Interestingly, Saudi Arabia and the United Arab Emirates are not trying to reach out to Washington, although they may negotiate an increase in oil output some time later, of course.