This was in response to Russian President Vladimir Putin’s main source of income as Russian forces continue to bombard Ukrainian cities.
The president stated that the United States was targeting Russia’s main artery. We are banning all imports from Russia of oil and gas energy. This means that Russian oil will not be accepted in U.S. port facilities, and the American people will strike another blow to Putin’s war machine.
Sources told CBS News that the ban applies to Russian coal. This ban comes at a time when gas prices have risen to new highs in the wake the Russian invasion. This is despite U.S. efforts and attempts to increase supply and release oil reserves. Although Mr. Biden stated that the decision was taken in close consultation with European allies and partners, he acknowledged that some of these allies may not be able to join us.
The United Kingdom stated that it would start phasing out importation of Russian oil, and other products, with the aim of eliminating them completely from British markets by 2022. French officials stated that the European Union, which is more dependent on Russian energy than the U.S., will not be joining the U.K.
According to the Department of Energy in December, Russian oil was less than 5% of all U.S. oil imports. This makes the U.S. less dependent on Russian oil than its European counterparts. Analysts have predicted an increase in oil prices if Russia is banned from imports. As the Russian invasion continues, Mr. Biden stated that Americans should expect higher pump prices.
Tuesday’s statement by Mr. Biden stated that “the decision today is not without costs here at home.” “Putin’s war is already causing problems at the gas station for Americans. The price of gas in America has risen 75 cents since Putin started his military buildup at Ukrainian borders. It’s only going to get worse with this new action. I will do my best to reduce Putin’s price rise here at home.
Later in the day, reporters asked the president what he would do to address rising gas prices. He replied that he couldn’t do anything right now and said that Russia is responsible for the higher prices.
In the thirteen days since Russian troops attacked Ukraine, Ukrainian leaders have appealed to Washington and the West for a halt on Russian energy imports. Both parties’ lawmakers have increased pressure on the administration to stop Russian oil imports in recent days. They are currently drafting legislation to impose the ban on any Biden administration that fails to act.
A Democratic aide stated that Nancy Pelosi, House Speaker, told her Democratic colleagues Tuesday morning that she will vote on a bill to ban Russian oil imports regardless if Mr. Biden announces it. According to the aide, the speaker stated that the White House had told her that it would announce the ban in the coming days while lawmakers were drafting legislation.
Fearing rising energy prices, the administration initially hesitated to take any action against Russian imports of energy. However, top officials have begun to signal a willingness for the ban to be imposed. Jen Psaki, White House press secretary, said Monday that talks were ongoing with “our counterparts and partners in Europe” and with the rest of the world.
Volodymyr Zelensky, President of Ukraine, expressed gratitude to the United States for their leadership.
He tweeted, “Thankful to @POTUS and US personal leadership in striking at the heart of Putin’s war machine and banning Oil, Gas and Coal from US Market.” Encourage other countries and leaders in the region to do so.
Since the invasion, the U.S. and its allies have imposed severe sanctions on Russia. They target the country’s financial system as well as Russian elites, which includes Putin.
