US Bans Imports of Russian Oil Amid Ukraine Invasion

371

The United States has banned the importation of coal, gas and oil from Russia amid the invasion of Ukraine.

Signing an executive order on Tuesday, President Joe Biden announced that the US would be cutting off imports from Ukraine as further sanctions on Russia.

“We’re banning all imports of Russian oil and gas and energy. That means Russian oil will no longer be acceptable at US ports, and the American people will deal another powerful blow to Putin’s war machine,” Biden told reporters.

“We can take this step when others cannot, but we’re working closely with Europe and our partners to develop a long-term strategy to reduce their dependence on Russian energy, as well.”

Gas prices have already surged to over $4 a gallon, the highest seen in the U.S. since 2008. White House press secretary Jen Psaki said these higher prices can be blamed on one man.

“This is a step that we’re taking to inflict further pain on Putin,” Biden said. “But there will be costs as well here in the United States.”

“Americans are paying a higher price at the pump because of the actions of President Putin,” she said. “This is a Putin spike at the gas pump, not one prompted by our sanctions.”

The US and its western allies had imposed several sanctions on Russia’s vast sectors to deprive the country of income.

Last month, they removed “selected” Russian banks from the SWIFT international payment system.

Several oil majors had also announced plans to exit Russia over the invasion of Ukraine and the Western sanctions.

Oil price surged to $130 a barrel triggered by a potential US and European ban on Russian oil imports.




Leave a Reply

Your email address will not be published.