Tag: economy

Three checkered oil regimes that President Joe Biden and past U.S. leaders have spectacularly snubbed — Venezuela, Saudi Arabia and Iran — are now targets of U.S. outreach as global fuel prices reach jarring levels during the Ukraine crisis.

With Russia intensifying its war on Ukraine, killing civilians and triggering a mass refugee crisis, President Joe Biden on Tuesday announced a U.S. ban on imported Russian oil. Critics of Russia have said that sanctioning its energy exports would be the best — perhaps only — way to force Moscow to pull back.

Oil prices jumped and shares were sharply lower Monday as the conflict in Ukraine deepened amid mounting calls for harsher sanctions against Russia.

Moscow’s war on Ukraine and the ferocious financial backlash it’s unleashed are not only inflicting an economic catastrophe on President Vladimir Putin’s Russia. The repercussions are also menacing the global economy, shaking financial markets and making life more perilous for everyone from Uzbek migrant workers to European consumers to hungry Yemeni families.

The number of children in America living in poverty jumped dramatically after just one month without the expanded child tax credit payments, according to a new study. Advocates fear the lapse in payments could unravel what they say were landmark achievements in poverty reduction.