President Biden Announces Ban On Russian Oil Imports

Joe Biden Bans Importation Of Russian Oil

President Biden talks U.S. ban on Russian oil imports: “Today I’m announcing the United States is targeting the main artery of Russia’s economy…The American people will deal another powerful blow to Putin’s war machine.”

It was earlier reported that the Biden administration will impose a ban on U.S. imports of Russian energy without the participation of its European allies, according to ABC News citing people familiar with the matter.

It’s a move aimed at Russian President Vladimir Putin’s main revenue source as Russian forces continue invading Ukrainian cities.  The White House said the president will speak at 10:45 a.m. to “announce actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine.”

 

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Sources told the news site that the ban also applies to Russian natural gas and coal. The big move comes as energy prices have already spiked in the wake of the Russian invasion, despite U.S. efforts to release oil reserves and ramp up supply. So what would a U.S. ban on Russian oil mean for Americans?

According to CBS News, in the short-term, eliminating Russian oil would likely drive sky-high gas prices in America even higher.

The Biden administration has faced growing pressure to impose further sanctions on Russia, including a ban on oil imports. The administration was initially hesitant to take action against Russian energy imports, fearing spikes in energy prices.

However, on Monday, White House press secretary Jen Psaki said that “discussions are ongoing internally and also with our counterparts and partners in Europe and around the world.”