With a view to reducing dependence on Russia, which has been in crisis with all its European partners since the beginning of its war with Ukraine, Italian Prime Minister Mario

Following the announcement by the International Energy Agency (IEA), the largest oil infusion was from the emergency reserve. U.S. President Joe Biden commented on Twitter:

With the start of the Russian operation in Ukraine, oil jumped over $100 in late February, raising fears of supply disruption in a market that is already in short supply. Prices didn't stop there.

In a sign that Russia will not give up its sovereign debt obligations but will pay them in rubles until Western countries decline to freeze their gold and foreign exchange reserves, Russian Finance Minister Anton Seluanov has stressed that this is "completely fair" in the current circumstances.