RUSSIAN INVASION: Biden Bans Russia Oil Imports To US, Says Putin Won’t Win
In retaliation for the invasion of Ukraine, US President Joe Biden announced a ban on Russian oil and other energy imports on Tuesday, underscoring strong bipartisan support for a move that he acknowledged would raise US energy prices.
“We’re banning all imports of Russian oil and gas energy,” Biden told reporters at the White House.
“That means Russian oil will no longer be acceptable in U.S. ports and the American people will deal another powerful blow to (Russian President Vladimir) Putin’s war machine.”
Oil prices rose in response to the news, with Benchmark Brent crude LCOc1 for May up 5.4 percent to $129.91 per barrel by 1345 GMT.
Biden has been working with European allies who are far more reliant on Russian oil to isolate Russia’s energy-dependent economy and Putin. Shortly before Biden’s remarks, Britain announced that it would phase out the import of Russian oil and oil products by the end of 2022.
Sanctions imposed by the US and its allies, according to Biden, have already caused the Russian economy to “crater.”
He stated that the recent actions were made in close consultation with allies and partners around the world.
According to the Energy Information Administration, the United States imported more than 20.4 million barrels of crude and refined products per month on average from Russia in 2021, accounting for about 8% of total U.S. liquid fuel imports, and the ban is expected to drive up already high gasoline prices and inflation. In addition, the United States imports a negligible amount of coal from Russia.
Biden predicted that prices would rise further as a result of “Putin’s war,” but vowed to do everything in his power to mitigate the impact on the American people. He also warned US gas companies not to take advantage of the situation by profiteering or price gouging.