By PTI
WASHINGTON: President Joe Biden is ordering the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months, the White House said Thursday, in a bid to control energy prices that have spiked as the US and allies imposed steep sanctions on Russia over its invasion of Ukraine.
Biden was making the formal announcement later Thursday in remarks on his administration’s plans to combat rising gas prices.
The White House says Biden will also call on Congress to impose financial penalties on oil and gas companies that lease public lands but aren’t producing energy.
A Kremlin decree published by state media says “unfriendly countries” can continue to pay for natural gas in foreign currency through a Russian bank that will convert the money into rubles.
President Vladimir Putin talked tougher Thursday, saying Russia will start accepting ruble payments for its gas supplies from “unfriendly countries” starting Friday and contracts will be stopped if buyers don’t sign up to the new conditions.
He says to buy gas, customers “would have to open ruble accounts in Russian banks.”
The decree Putin signed and published by state news agency RIA Novosti says a designated bank will open two accounts for each buyer, one in foreign currency and one in rubles.
The buyers will pay in foreign currency and authorize the bank to sell that currency for rubles, which are placed in the second account, where the gas is formally purchased.
