germans draped along the side of a hotel in the us capital with a clear view of moscow's diplomat. ukrainians, and other community members stood in the rain to watch the flags. i'm feeling well when i say it's a powerful statement in the face of an aggressor. ah, dr. quick checkup the headlines here and i'll just say are russian strike has destroyed in maternity hospital in the seas. ukrainian city of mario poll leaving several injured president flooding me, as the landscape described it as an atrocity, and rear reiterated a call for a no fly zone of a you frame or hasty mobile bol. emily caught a new russian bombs, landed on a children's and maternity hospital. you the building is destroyed. actually, we're still going through the rubble. what sort of threat did i posed to the russian federation? what's happening in ukraine is a genocide. people of europe, you can see what's happening again, you must put pressure on russia, so they stop this one straw city and the war. one. humanitarian cargo is set up

around ukraine to get civilians away from fighting. have had limited success. both sides are accusing each other, reaching the corridor agreements. streams of buses and cars have been accounting families out of keith. ukraine has called for a see fire to reconnect each another nuclear power plant to electricity, official say diesel generators. going to provide a backup for 48 hours. well, nuclear watchdog says it doesn't see any immediate danger from the power outage. the pentagon has rejected a surprise offer from nature member poland to provide fighter jets to ukraine. it says the venture is high risk and could be mistaken as escalate rates resulting in significant russian reactions. in other words, use gunman of killed 19 security personnel in an attack in the north west nigeria and state of cabbie. it happened late on tuesday. the village of kenya came a day after at least 57 members of self defense group killed bicycle bandits in the

same area. conservative town that you and so gill has one south korea's election by type margin. you from the people party, one about 48 and a half percent of the vote, belly, a point to head of the governing parties. candidate. you can take service from current liberal president, moon j in south korea, single non renewable presidential terms of 5 years. i mean, you as president to sign an executive order that could reshape the dollar. as we know it, president biden has told federal agencies to examine that risks and rewards posed by crypt occurrences and consider creating a digital us dollar. the goal is to support innovation and digital assets and clamped down on elicit finance. the value of bitcoin jumped 9 percent after the order was started. so those are the headlines that he's continues here and i'll just see or after inside story statement. thanks so much in teaching, you can watch english streaming light on on tv channels,

plus thousands of our programs. award winning documentary debt support. subscribe to you dot com. forward slash al jazeera english o planning russian oil and gas. u. s. president joe biden said the moves aimed at hitting the main artery of russia's economy. but what are the consequences for the rest of the world and would have stopped vladimir putin war on ukraine? this is inside story. ah. hello, welcome to the program. i'm adrian finnegan. u. s. president joe biden has imposed a ban on russian oil and gas, and the u. k announced that it will phase out in ports of russian oil by the end of the year before those measures would arts russia ward of catastrophic consequences

for the global economy. a white house correspondent, kimberly how could reports it's a major escalation of u. s. economic sanctions against russia for its invasion of ukraine. on tuesday, u. s. president joe biden went after president vladimir putin's most lucrative industry. we're banning all in ports of russian oil and gas in energy and means russian oil no longer be accessible us porch to the american people will deal another powerful blow to prudence war machine. the decision by president biden to bad russian energy imports into the united states, follows pressure by the us congress, and pleased by ukrainian president vladimir zalinski biden acknowledged. the latest sanctions could cause a spike in us gas praises consumers are already paying on average more than $4.00

a gallon up from $2.77 just a year ago, due to high inflation. as the economy recovers from, the coven pandemic says, proven, began, is military build of ukrainian borders just since then. the price of the gas, the pump, an american up $0.75. and with this action is going to go up further. the white house is directing the release of some of the u. s. strategic petroleum reserves to contain prices and compensate for last supply. but the white house maintains high gas prices might also encourage you as consumers to switch to green energy and electric vehicles. but this analyst says the united states is nowhere near ready. the biggest user of oil in any country is transportation and transportation depends on having things like electric vehicles and hybrids vehicles. those vehicles represent a roughly small part of the fleet. the fleet turns over slowly,

short term between our 2 by years. that's why these latest u. s. economic sanctions against russia may be symbolic, designed to hurt putin financially, but mostly politically, president biden is sending his vice president carmella harris to poland and romania this week to reinforce support for ukraine, but also to reassure nervous allies. fearful that russia could turn its aggression on them next. kimberly held it al jazeera, the white house. i think that's clear that gas prices affect our economy. i drive a lot, i put many kilometers in and i do feel it. i don't think that was a absurd 15 days ago. nobody can think about it. the problem is not the price. it will be to morrow, but how much it will cost in $15.00 days. i think that times are coming, but we will have to deal with it. when we had make up of him, my purchasing power will decrease. i will have to choose between using the car or

doing other things that are gonna well, we'll bring it all guessed in just a moment. but 1st, let's take a look. a closer look at russia's role in the energy industry. russia is a commodities power house. it produces more than 10 percent of the world oil and natural gas. and europe relies on it for a 3rd of its gas, but sanctioning this sector would send energy prices surging even higher, affecting an already fragile world economy. the russia being a major global supplier, it could also be more profit for russia not less. the us and its allies have agreed to release 60000000 barrels of oil reserves to help offset any shortages. although the world consumes 100000000 barrels every day. and analysts say that no oil producing countries can replace rushes oil export steel rep the that's bringing gas than joining us from washington. d. c is been k hill, senior fellow energy security and climate change program at the center for strategic and international studies from bern. cornelia map is an economist and see

the consulting firm may a resources am from moscow, land at southern chief, editor of geo political. are you on a political analyst, a warm welcome to you or ben? let's start from you about how the you get got itself into this mess. it relies upon russia for want something like 27 percent of its oil imports around 15 percent of its total consumption. why is that europe so dependent upon russian oil and could any of the supply replace it quickly? thanks to be with you today. this is partly just a matter of geography. its proximity. the continent is connected to russia by pipeline systems. we have the juice for pipeline, which is the main export pipeline for russia into your reaches lots of countries to both the northern southern or we have a lot of seaborne exports to go to europe as well. so europe is the critical export market financial stand for oil for russia. if you look at crude oil,

specifically about 60 percent of russians, exports go to europe, 35 percent to asia, primarily china, and the rest of different places around the world. and so in terms of whether or not you're can diversify and find an alternative to russia, the answer is no. in the media terms, just not possible. the european commission came out with an emergency plan yesterday, basically to try to do everything possible by next winter to reduce its dependence on russia for natural gas supplies. including building gas storage, trying to find alternative supplies from u. s. o n g and other supply sources in managing the demand side too, but it's really difficult. it's important, you're kind of sense of urgency. it's moving fast, but it's out of the to do within here. all right, cornelia, i my see nodding in agreement in terms of oil. what about countries like venezuela with its vast reserves? the u. s. has opened up diplomatic channels again with crackers recently or even iran negotiations. they're appearing to head towards a complete,

a could pollution over the that the nuclear deal. if sanctions against one will lifted to could those 2 countries, for instance, at least helped to plug the gap. a can't pluck the gaps because what we few take out. russia exports 8000000 barrels a day. that's 8 percent of global bailey consumption. and so they can't. and you have seen that opec plus, you know, the opec countries and their 10 allies. which by the way, a lead by russia really can't, can't pump it fast enough and the spare capacity is really spare. it's really sparse. it's, it's, it's not bare except for saudi m. u a and the little bit of it. ok, so that's difficult. now let us look at add them then as well. yes. obviously they can go and talk to venezuela, and the venezuelans may actually be receptive to talking to them. because so far, when they were under sanctions from the u. s, the russians have been dep,

only friends, but they're obviously worried that if money rise up in russia, what will happen to them they need those direct payments. but the davis at the national oil company is bo, fully on to invest it. and it's just, you know, it's no longer it used to be one of the shining lights in the oil industry. it's now a very much near the bottom as a player. so he can't just wrap it up like that. and iran, similarly, iran could bring in one point to 1300000 barrels a day. if the chase c p o, the nuclear deal went through, they have a lot in storage, which they can release immediately to one point to 1300000 barrels a day of exports. and they will take more time. but mind you the che cpos negotiated by the p fife, the permanent 5 of the un security council and germany p 5 past one. guess what? russia is? a member of the p 5 to work on opec slip in a bumper oil. what else can step in to a certain degree,

but opec doesn't tough. as i said before, it doesn't have the spare capacity. let me give you an example. they have done, they have cut out 9700000 barrels a day on that of after that grim day in the april 2020 been w t i went negative for a day and death the we leased gradually 400000 barrels a day, month on month to month, but if i look at that at this numbers for january, they were supposed to pump, did the, the 13 nations 430 at 400 bout incremental barrels. they only were able to pump a $160000.00 barrels. now, so again, saudi can do more, russia was constrained, and you look at libya, nigeria, they just, they just can't keep up. been the de facto leaders of saudi arabia, the u. e are for declined to arrange calls with president bible in recent weeks. let's, according to the wall street journal, citing you russian middle east officials. what's good, what's going on there?

i think the wrong i was under no moods do savers for washington, and the american political demands to try to use over to more. if we put that to last week, ok, cause had a meeting right after the war broke out. and the meeting lasted for all 13 minutes and basically decided to continue the deal of the community i just mentioned, which is to add $400000.00 barrels a day. into the market and continue would have been doing since last april. i think there were several reasons for this. first, you know, it's going to take awhile still from today to absorb the magnitude of the supply shot from russia. we still have a lot of questions about the physical disruption. how big it is. exactly and, but i also think that the issues around spirit capacity are real. you know, the, this printer just been so big. there's so much fear and panic and oil mark out. but i think some of the states are concerned that if they add more production for a month or 2, it's not really going to make a big difference. but i do think that the political pressure on cost is going to

intensify. and this is a serious supply chart. and opec stated role is to manage volatility in the market and prevent volatility. you know, it feels like the market doesn't have anyone at the wheel right now. and the feels like saudi arabia, the way you and others are ignoring the demands of the consumers, not just the united states, but countries like china and india as well. so i think in the coming days, you know, watts of things are possible as possible. you have, you know, a revision of the post terms and next month's meeting. you can see a unilateral move by saudi arabia a, but clearly they want to get some concessions from washington for they do this. ok, let's bring in later than in moscow. good to have you with us, let it. but what does a u. s. and u. k. bad on, on russell oil. really mean for russia? it's economy, it's president. will it hurt either more for us? i know the program and the for united states and u. k. l, for example, you open, you know, to buy or not. so before construction,

if i am ready to deal with trying to provide more company for next year, we sell for a new contract 2nd of this year. and i think it's more probably much for you. nicole so shoot and i'll let you know, i can say wednesday is the faction in the fall. and now we, she definitely go of our community in venezuela is broken by american sanctions. and they can not provide more oil to united states or something and of or surveys are option of both natural and they've more dangerous for you. and they come on for russia. and for example, no price for you sir, is more cheaper than before because of section and it's good for developing the

metrics from on the rush. so for the moment i see more to the problem for us. it's so because of that section, ok, what if the e u was a follow the us of the u. k. lead and plan imports of russian oil and, and russian gas. i can see already that scalia's shaking had come back to you in a moment. but, but with that, is it, what would that worry moscow? i sure is that you got this more stock for europe and, you know, not to, for an you, for, for russian gas and oil. go council for europe and, you know, i'm found too strongly defined. so for office supplies, 6, not on those 31, but it's also oil production and some kind of logistic. it will be cheating, reaction real deeply on your program itself. so

i think they will try to find out if in the future yes, the same time rational funds out on a few for, for new market in the asian or from china. again, james practice from mora school here for energy and bill for rush and got an oil and maybe a little bit more cheaper to go situation. but somehow we see that's right. this photograph and oil growing up and it's generously impacted. the united states suited them because your community, i mean community united states, if you open up something from you and you just look like in russia, it's when it's uterus mistake because you're the same like united states. and for

some german, your friends, we have another 5 for from unity. so it's different from the real bit more a problem for itself. ok, cornelia, tell me why then why won't the u. s. the rather funny? the u. k. it's 2, it's 2 things here. you need to decide, do you need to divide between oil and gas? if you have royal, it will always find the market. and you thought you saw that at the beginning of last week when russian clark was had a hard time finding a market. dear chinese, unto indians, just wait until the discount was low enough and they bought it so that will go. gas is more difficult because if we fi us infrastructure and them, our russian colleague was absolutely right. it's not a light switch. you know, if we want to get, let's say more l n g in most l, aunties, on 25 year contracts. and especially the middle east and the asian cargoes are promised on these. the melee kills are promised to china,

japan and korea. if you talk to, some of generally says said tend the same could get diverted to d today to europe, the u. s. similarly, they will have about 12000000 tons of new capacity of new energy coming on the market in about 5 years time. i think we need to heat houses in europe before the 5 years time cross, you need the infrastructure, you need the weak acid vacation thermals. we don't have enough of them. and the infrastructure linking them into the pipeline system. so again, it's not the light switch, it really, it really takes time and again, oil is easier, but it's also not that easy because don't forget that refiners are tuned to certain grades. so if they really are made an old, we finally that's way dependent on the euros grade will have a hard time to substituting it. so it looks easy and i'm sure to the politician, it is easy. but to the guy in the industry, it's hellishly complex. and what are the political risks of panic?

russian oil, a gas for western leaders? does it threaten to split the west's currently, from the united response to russia's actions and in ukraine, new york on grocer. huge. if you impose a full full sanctions on russian energy exports, that's a recipe for recession. it just is not possible for the market to accommodate a loss of that kind of magnitude. and this is the reason why we haven't seen direct sanctions yet. even with you know, sanctions on just the regional central bank, russian financial institutions, other russian entities. we've already seen a big supply us. no, no, no, to exactly how much is off by now, but it's a good that around 2530000 barrels a day of crude and products are already fine. today you want to direct sanctions. if you rent up to $8000000.00 barrels a day, all russian exports there is simply no way for the market to cover the loss on that scale. and so the prices would shoot up, it would be a severe,

don't economic activity. or, you know, the market would panic. that's a lot of different demand struggling to be unmanageable. i think. so. i think they're really huge. downside risk of doing land. president putin is called sanctions. he's referred to sanctions of as an act of war. to what extent do you think he would be prepared to perhaps preempt further western bands and just simply cut off supply anyway, i think russia is a radio for raising future is united based on your new on before my new science stuff where i need to image that a sustained high oil price could do this, the same, the best cure for a high price is a high price demand sell as consumers, just decide that it's too expensive than so with the price. but at what economy cost? well, as a huge economic costs, and you know, obviously we'll see some demand destruction,

but our economies are still fueled by oil and gas. and by the way, coal, you know, if, if the germans let say, go off gas, they will need some cold. you need some bass load us to keep the lights on. so that's a huge cost. and you know, the cost goes beyond those countries. you saw the german economy minister and deputy chancellor say, if we get off russian gas immediately, he fears core cohesion in the convent, the man all but how big is a green? he is no fan of fossil fuels. and what's, what goes beyond that? if we see hyperinflation, that's not good for the economy, global economy. and also don't forget who'd, because you, ukraine and, and russia make up about 30 percent of sort of the global food supply. the ukraine is 50 percent of the world food program and fuel sort of the food supply. so you know, to the, that, that developing countries to sedans, to somali us of this world will really feel that because they won't,

they won't get the grain and they won't, even if they get it there won't be able to afford it, crossed the fertilize us gas is the direct input to fertilizers. let's take germany as an example. out of 3 major m supplies a fertilizer to a russian. so we've really, really, very interconnected, been, i was, i was reading today that the biggest strategic gus storage reservoir in western europe is in germany. and that, that strategic reservoir is owned by a subdued subsidiary of gas from germany. in particular, of course, worried about its energy security. while prices may rise uncomfortably for u. s. consumers, i mean, there's little chance of the lights going out in the u. s. i don't think the same could be said for, for, for many in western european straits. to what extent does germany have only itself to blame due to deregulation of its energy sector, allowing russian companies to hold or own significant stakes in german energy

companies in germany is not alone. and that is it. there been some pretty important changes in european gas markets in recent years. i mean, the basically moved away from, you know, long term wind contracts towards more gas on gas competition, more reliance on the spot market short term. and that work pretty well for a while. and, you know, the market is essentially broken in the last 6 months to move these enormous ramos and gas and electricity prices in your, you know, the dependent on russia is really hard to break. but there are some european policies that i think of exacerbated the situation. one of the things that the international energy agency and europeans have noted as have been really need to have an all out effort from now until next winter to build up gas storage as much as possible to fill all those tanks. and it's going to be extremely expensive for them to do not get. so clients are scarce. mean basically energy producers around the world are producing full tilt. and i think we mentioned earlier, you know,

another country in europe hasn't ology in port terminal. those who do have re gas terminals for gas station terminals, they're not connected to all those markets. so all of them are gonna have to try to refill gas as much as possible in the camp. completely get around there, depending on russia to do not. we're still going to be dependent on gas from, but we'll do everything they can to build interconnections to increase gas storage method. they're really going to look accounts policies and try to figure out why this market in europe has done some haywire and what they can do to build more resilience in the next year. lanet, you think the president putin is prepared to sit this out while the west potentially shoots itself in the, in the foot economically and causes a huge economic damaged itself? well, i think the browser, i strickland for different type of sanctions, also our prime minister, mr. miss susan, all right, we're going to risk about different type of sexual from so i

assume more essential. so we'll be more dangerous for europe and union and the united states because russia really impose moral sections or we're talking about not only got fact, i'm also about the food july. the slide stalls are essentially about, for example, the spatial rations most of florida is from europe and union and also different types of sanctions. russia introducing against europe on upsets inside russia. i got the cells, et cetera. so yes, it's kind of for war war why i was, i mean, it's a joke. i assume it will be more i was that much for some europe on campus for us. ok. the, i'm afraid we're going to have to leave it many thanks indeed to you all for

discussing that with us here today. then k hill in washington putting my in band and in moscow lead. it's of it. as always, thank you for watching. don't forget, you can see the program again at any time just by going to the website of al jazeera dot com for further discussion around this topic, join us on facebook page. you'll find that at facebook dot com forward slash ha inside story. and you can join the conversation on twitter handle at a j insight story from me. adrian. again, a whole team here and thanks for watching the news. the important thing if you are walking around in beirut was noticed to be in the line of fire from the holiday fall off. we heard gunshots, i was the 1st one to flee the hot. the battle lasted 3 days and 3 nights and they

went no prisoners at the in control holiday in and you control the region around. and that's why it is such a bloody battle. an icon of conflict at the heart of the lebanese civil war, beirut, holiday in war. how towels on al jazeera talk to al jazeera. we ask, do you believe that the threat of an invasion of ukraine is currently the biggest threat to international peace and security? we listen, we are focusing so much on the humanitarian crisis that we forget the long term development we meet with global news makers. i'm talk about the stool restock matter on al jazeera. ah with

mm pool. ah, hello, i'm darren jordan and joe hall with a quick reminder other top stories here on al jazeera russian as strike as destroyed a maternity hospital and the besieged ukrainian city of mighty opal. no deaths have been reported yet, but survivors he had buried under the rubble tack

a spot uproar as the 2 countries prepare for their highest level talks since invasion began 2 weeks ago, russia says ukraine was using the hospital to set up firing positions out. there was me back at the.