Joe Biden to ban Russian oil imports over Ukraine invasion
Joe Biden has decided to ban Russian oil imports, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine, according to a person familiar with the matter.
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 the massive sanctions put in place on Russia over the invasion. Energy exports have kept a steady influx of cash flowing to Russia despite otherwise severe restrictions on its financial sector.
The US president was set to announce the move as soon as Tuesday, the person said, speaking on the condition of anonymity to discuss the matter before an announcement.
The White House said Biden would speak on Tuesday morning to announce “actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine”.
The US will be acting alone but in close consultation with European allies more dependent on Russian energy supplies. Natural gas from Russia accounts for one-third of Europe’s consumption of the fossil fuel. The US does not import Russian natural gas.
Biden had explained his reluctance to impose energy sanctions at the outset of the conflict two weeks ago saying that he was trying “to limit the pain the American people are feeling at the gas pump”.
The news of his decision was first reported by Bloomberg.
Before the invasion, Russian oil and gas made up more than a third of government revenues. Global energy prices have surged after the invasion and have continued to rise despite coordinated releases of strategic reserves, making Russian exports even more lucrative.
The US and international partners have sanctioned Russia’s largest banks, its central bank and finance
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