President Joe Biden has decided to impose sanctions on Russian oil imports, tightening his crackdown on the Russian economy in retaliation for the invasion of Ukraine. News agency AP has given this information by quoting a person related to this matter. The move follows Ukrainian President Volodymyr Zelensky’s pleas with the US and Western authorities to cut imports.
Energy exports have maintained a steady flow of cash flows to Russia, despite severe restrictions on its financial sector. As Biden prepared to announce the move on Tuesday, the person asked on condition of anonymity to discuss the matter before his comment.
US House Speaker Nancy Pelosi announced in her caucus this morning that the Russian oil embargo legislation would be introduced in the House and other items are expected to be included in the bill, CNN quoted a Democratic aide as saying.
The White House said Biden would announce “continuing action to hold Russia accountable for its unprovoked and unjustified war on Ukraine.” The US will act alone, but in close consultation with European allies, which are heavily dependent on Russian energy supplies.
EU will reduce its dependence on Russia
European countries have said they plan to reduce their dependence on Russia for their energy needs, but it may take some time to fill the void without crippling their economies. Natural gas from Russia accounts for a third of Europe’s consumption of fossil fuels. The US does not import Russian natural gas.
Russia-Ukraine Conflict: What will happen if America bans Russian oil?
Biden expressed his reluctance to impose energy restrictions at the start of the conflict two weeks ago, saying he was “trying to limit the pain the American people are feeling at the gas pump.” Gas prices have been rising for weeks due to the conflict and in anticipation of possible sanctions on the Russian energy sector.
US imports 100,000 barrels from Russia every day
According to Auto Club AAA, the US national average for a gallon of gasoline rose 45 cents a gallon over the past week and topped US$4.06 on Monday.
According to Rystad Energy, the US typically imports about 100,000 barrels a day from Russia, which is only 5 percent of Russia’s crude exports. Last year, about 8 percent of US oil and petroleum product imports came from Russia.
Even before the US sanctions, several Western energy companies, including ExxonMobil and BP, proceeded to sever ties with Russia and limit imports.
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