House Approves Russia Sanctions Bill, Forwards to President

Why it matters locally: While New Mexico is not a direct purchaser of Russian oil and gas, the state's energy sector, including oil and natural gas production, could experience indirect economic effects due to shifts in global energy markets and pricing spurred by these sanctions.

The House of Representatives has passed a bill imposing sanctions on Russia's energy sector. The legislation now goes to the president for his signature. Senators approved the bill last month. The measure aims to penalize significant purchasers of Russian oil and gas. Proponents of the bill state these penalties will decrease the revenue Russia generates from these sales. This revenue, according to the bill's supporters, funds military actions in Ukraine.