U.S. President Joe Biden is set to announce a ban on US imports of Russian oil on Tuesday, the latest effort to cut off foreign revenue as punishment for the Ukraine invasion.
The move comes in response to pressure from U.S. lawmakers. On Sunday, the Biden administration appeared not to favor a move that Russia’s critics say is the best – and perhaps only – way to force Moscow to withdraw.
The ban will include oil, liquefied natural gas and coal
“Simply not true his administration is holding back domestic energy production,” says Biden.
“Goal of US policy is to prevent letting “tyrants like Putin” use energy as a weapon in the future. Putin seems determined to continue on his murderous path no matter the cost. I call on Congress to pass the $12 billion Ukraine assistance package.”
The US and international partners have sanctioned Russia’s largest banks, its central bank and finance ministry, and moved to block certain financial institutions from the Swift messaging system for international payments.
Natural gas from Russia accounts for one-third of Europe’s consumption of the fossil fuel. The US does not import Russian natural gas.
The move follows pleas by the Ukrainian president, Volodymyr Zelenskiy, to US and western officials to cut off the imports, which had been a glaring omission to massive sanctions put in place over the invasion.
Biden says U.S. gasoline prices will continue to rise after they have already skyrocketed
“The decision today is not without cost here at home,” says
Biden, noting gasoline prices in the US will go up further after already surging.
Oil and gas industry warned by Biden against “excessive price increases or padding profits.”
President Joe Biden confirms that the United States will ban all imports of Russian gas, oil and energy in response to the invasion of Ukraine.
“We’re banning all imports of Russian gas, oil and energy,” announces Biden.
The White House said Biden would announce “actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine”.
According to the US Energy Information Administration, Russian oil made up about 3% of all crude shipments to the US last year – a far lighter dependence than among European US allies.
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