On March 8, AP and Reuters reported that US President Joe Biden announced a ban on Russian oil and other energy imports in response to Ukraine’s aggression. reinforced the strong support of the two US political parties in the move that Mr Biden he acknowledged will increase US energy prices.
President Joe Biden announces a ban on Russian oil imports, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine, Tuesday, March 8, 2022, in the Roosevelt Room at the White House in Washington. (AP Photo/Andrew Harnik)
Biden’s move was at the request of the Ukrainian president. Volodymyr Zelensky addressed U.S. and Western officials to halt Russian oil imports, while the U.S. president warned Americans would face higher prices, saying “protecting liberties will come at a cost.”
“We are banning all imports of Russian oil and gas. That means Russian oil will no longer be accepted in US ports. And the Americans will deal another powerful attack on the war machines of (Russian President Vladimir) Putin,” Biden told reporters at the White House.
Biden’s announcement marks the US president’s latest attempt to cut Russia out of most of the global economy. and increased confidence that the Ukrainian aggression was a strategic loss to Mr Putin. even if Mr Putin is able to seize Ukrainian territory
“Ukraine will never be a victory for Putin,” Biden said. The ban on the import of oil and other energy of Russia will come into effect immediately. As for the contracts that have been signed previously. will receive a relief for 45 days
Russia’s ban on oil and other energy imports President Joe Biden’s retaliation for invasion of Ukraine will come into effect immediately. while providing a 45 day expiration period for signed contracts. said one senior official.
AFP
The news caused oil prices to skyrocket. The benchmark LCOc1 crude for May rose 5.4 percent to $129.91 a barrel by 20.45 GMT.
Biden works with European allies that rely more on Russian oil. to isolate the energy-intensive economies of Russia and Putin. while the United Kingdom announced shortly before Biden that It will stop importing Russian oil and oil products by the end of 2022.
Mr Biden said US and allied sanctions make the Russian economy a He said the latest move was the result of close consultation with partners and partners around the world.
The United States imports more than 20.4 million barrels of crude oil and refined products per month on average from Russia in 2021, or about 8 percent of U.S. liquid fuel imports, according to the Energy Information Administration. And it is expected that the ban on such imports will cause oil prices to soar further. and the inflation rate skyrocketed And the United States also imports a small amount of coal from Russia.
The US president predicts that The price will increase further as a result of But he pledged to do everything he could to reduce its impact on Americans. Biden also warned US gas companies. Do not take advantage of such situations for profit or price manipulation.
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