President Joe Biden announced Tuesday that the U.S. will ban imports of Russian oil in response to Putin’s invasion of Ukraine.
Russia is the world’s leading exporter of natural gas and the second-largest exporter of oil.
“Today I am announcing the United States is targeting the main artery of Russia’s economy. We’re banning all imports of Russian oil and gas and energy,” Biden said at the White House. “That means Russian oil will no longer be acceptable at U.S. ports and the American people will deal another powerful blow to Putin’s war machine.”
“This is a step we’re taking to inflict further pain on Putin,” Biden said. “But there will be costs as well here in the United States. I said I would level with the American people from the beginning. And when I first spoke to this, I said defending freedom is going to cost — it’s going to cost us as well, in the United States.”
Biden warned energy companies against price gouging.
“[Russia’s war on Ukraine] is no excuse to exercise excessive price increases, pad profits or any kind of effort to exploit this situation or American consumers,” Biden said. “Russia’s aggression is costing us all, and it’s no time for profiteering or price gouging.”
Watch live as I announce actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine. https://t.co/u7bg2980dy
— President Biden (@POTUS) March 8, 2022
Today’s Executive Order bans:
- The importation into the United States of Russian crude oil and certain petroleum products, liquefied natural gas, and coal. Last year, the U.S. imported nearly 700,000 barrels per day of crude oil and refined petroleum products from Russia and this step will deprive Russia of billions of dollars in revenues from U.S. drivers and consumers annually.
- New U.S. investment in Russia’s energy sector, which will ensure that American companies and American investors are not underwriting Vladimir Putin’s efforts to expand energy production inside Russia.
- Americans will also be prohibited from financing or enabling foreign companies that are making investment to produce energy in Russia.
The United Kingdom also announced its own restrictions on buying Russian oil imports, saying it will phase out the country’s imports by the end of the year.
Like Newport Buzz? We depend on the generosity of readers like you who support us, to help with our mission to keep you informed and entertained with local, independent news and content. We truly appreciate your trust and support!
