After imposing new sanctions on Russia, the President assured he would do everything possible to prevent price increases.

Following the recent escalations between Russia and Ukraine, President Joe Biden of the United States declared that his administration would enforce additional sanctions on Russia as a consequence of their actions. However, since Russia is a major global supplier of natural gas, imposing sanctions could result in challenges in sourcing fuel, leading to potential increases in fuel prices in the US.

“As I mentioned last week, safeguarding freedom comes with its costs, both internationally and domestically,” Biden stated in a public speech. “We need to acknowledge that reality. However, I am committed to taking decisive action to ensure that the impact of our sanctions mainly affects the Russian economy and not ours.”

Biden affirmed that the government is leveraging “all available resources” to mitigate the impact of price hikes.

The U.S. economy is facing challenges such as heightened gas prices, inflation, and supply chain disruptions due to the Ukraine crisis. https://t.co/d9dwXWpcvf

— CBS News (@CBSNews) February 23, 2022

“We are implementing a strategy in collaboration with major oil producers and consumers to collectively invest in ensuring stability and global energy supply,” he elaborated. “This initiative will help cushion gas prices. I am committed to alleviating the burden on the American people at the gas station. This is of utmost importance to me.”