According to people acquainted with the situation, US President Joe Biden is scheduled to declare an embargo on Russian oil in comments at 10:45 a.m. (1545 GMT) on Tuesday.

With about 7 million barrels per day (bpd), or 7% of global production, Russia is the world’s leading crude and oil product exporter. Such a restriction would be unprecedented, causing already sky-high prices to skyrocket even further and triggering inflationary shock.

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