US shies away from energy sanctions, eyes coordinated SPR release

Quantum Commodity Intelligence – US President Joe Biden said Thursday that his sanctions package against Russia for its invasion into Ukraine was specifically designed to protect US consumers from energy price increases and added that the US was working with partners to release oil from strategic reserves to quell prices.

Speaking at a press conference following Russia's attack on Ukraine, Biden told journalists that he would do everything in his power to protect consumers from rising fuel prices at the pump.

"In our sanctions package, we specifically designed it to allow energy payments to continue. We are closely monitoring energy supplies for any disruption," Biden said.

"We are actively working with countries around the world to elevate collective release from the strategic petroleum reserves of major energy countries and the United States will release additional barrels of oil as the conditions warrant," he added, without giving volumes.

Brent crude oil prices fell 3% towards $100/b as Biden was talking, as fears that energy produced by Russia, or the companies that are responsible for producing and supplying it, may be targeted.

Biden's statement comes as Japanese media reported that it was in talks with the US, the UK and the IEA about a coordinated release.

The UK government did not respond to questions.