Biden Bans Imports of Russian Oil, Natural Gas
The U.S. will ban imports of Russian oil, President Biden said, targeting the lifeblood of Moscow’s economy as the West ratchets up pressure on Russian President
over his invasion of Ukraine.
“Russian oil will no longer be acceptable at U.S. ports, and the American people will deal another powerful blow to Putin’s war machine,” Mr. Biden said Tuesday at the White House.
The U.S. will also ban imports of Russian natural gas and other energy sources, Mr. Biden said. He acknowledged that many of the U.S.’s European allies won’t be able to take similar action right away because of their heavy dependence on Russian energy. “We can take this step when others cannot,” he said, adding that the U.S. is working with Europe on a long-term strategy to wean off of Russian energy.
The administration’s deliberations about imposing a ban ramped up as lawmakers of both parties, including House Speaker
called for action on the issue.
President Biden delivering remarks on the crisis in Ukraine at the White House on Tuesday.
Photo:
KEVIN LAMARQUE/REUTERS
Russian oil makes up a small proportion of the crude that the U.S. imports. The U.S. gets most of its crude imports from Canada, Mexico and Saudi Arabia.
The U.S. and its allies in Europe have unleashed a wave of sanctions against Russia in response to its invasion of Ukraine, but until now they have largely avoided targeting the country’s oil sector, out of fear that limiting oil sales could cause crude prices to spike globally. Oil prices have already risen 58% since the beginning of the year and on Monday neared $140 a barrel.
The U.K. government said Tuesday it will phase out Russian oil imports by the end of 2022. Russian oil imports currently make up 8% of U.K. demand. The government is also exploring options to end Russian gas imports altogether.
The European Union said Tuesday that it planned to cut its imports of Russian natural gas by two-thirds by the end of this year.
Some Western government officials are pushing for the Group of Seven leading economies to work together to help European nations wean themselves off Russian oil and gas. This would include helping countries build more LNG terminals, rerouting deliveries from other nations and working with countries in the Middle East to increase production. However, officials believe such a shift could take years to play out, given the high level of dependence and the long term gas contracts that exporters have already signed.
Mr. Biden said he wants to do everything he can to insulate Americans from continued oil and gasoline price increases,…
Read More: Biden Bans Imports of Russian Oil, Natural Gas