Russia announces corridors for the evacuation of civilians in Kyiv, Kharkiv, Sumy and Mariupol

US lawmakers seek to restrict trade with Russia; Rising oil prices, markets are collapsing

US House of Representatives Speaker Nancy Pelosi said the House of Representatives is considering legislation to further isolate Russia from the global economy, including banning the import of oil and energy products into the United States.

Amid rising US gasoline prices, the Biden administration has yet to call for a ban on oil imports to Russia.

In a letter to Democrats released Sunday night, Pelosi said the legislation under consideration would also cancel normal trade relations with Russia and Belarus and begin the process of preventing Russia from joining the World Trade Organization.

Pelosi says the House of Representatives will enable the Biden administration to raise tariffs on Russian imports.

Pelosi said Congress intends to approve the Biden administration’s request for $10 billion in humanitarian, military and economic support for Ukraine, as part of comprehensive government funding legislation this week.

The price of North Sea Brent crude, the European benchmark, rose to a 14-year high of $140 due to the Ukraine war, heading for an all-time high of $147.50.

The price of a barrel of Brent oil has risen by 33% since Russia’s invasion of Ukraine on February 24.

US Secretary of State Anthony Blinken said Washington was in “active discussions” with European countries about banning Russian oil imports, although he declined to announce a complete boycott.

Even if the oil is still technically exempt from sanctions, Russian oil exporters are struggling to find buyers. Shell is one of the only companies still buying Russian oil, although it says it will donate its profits to Ukrainian causes.

The price of gold soared to over $2000 in Asian trade as investors flee to the safe haven commodity. The price of gold reached its highest level since September 2020.

With stock markets open after the weekend in Asia, the benchmark Nikkei 225 index in Japan is down more than three percent.

The Hang Seng Index in Hong Kong is sinking more than four percent.

US S&P futures are down more than 1.5%.

Two of the world’s four largest international accounting firms withdrew from Russia.

Both KPMG and PricewaterhouseCoopers say they will end their relationships with member firms in Russia. KPMG said it was also withdrawing from Belarus.

KPMG International said in a statement that it would be “extremely difficult” for its companies in Russia and Belarus to leave the network. KPMG has more than 4,500 employees in the two countries.

PricewaterhouseCoopers says it has 3,700 employees at its subsidiary PwC Russia and is working on an “orderly transition” of the business.

The other two big companies – Deloitte and Ernst & Young – did not immediately respond to Associated Press requests for comment.