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Biden announces ban on Russian oil imports Tuesday – sources

US President Joe Biden leaves the White House in Washington
FILE PHOTO: U.S. President Joe Biden leaves the Oval Office at the White House for the weekend in Washington, DC, U.S. March 4, 2022. REUTERS/Evelyn Hockstein

March 8, 2022

WASHINGTON (Reuters) – US President Joe Biden was on Tuesday to announce a ban on Russian oil and other energy imports in retaliation for the invasion of Ukraine, sources familiar with the matter said.

The White House said Biden would announce actions against Russia over Ukraine at 10:45 a.m. (1545 GMT) Tuesday, but did not specifically mention oil imports.

Biden has worked with allies in Europe far more dependent on Russian oil to isolate Russia’s energy-intensive economy and President Vladimir Putin. Two people familiar with the matter told Reuters Monday the United States could go ahead with a ban on Russian oil imports without the involvement of allies in Europe.

The United States imported an average of more than 20.4 million barrels per month of crude oil and refined products per month from Russia in 2021, which accounts for about 8% of US liquid fuel imports according to the Energy Information Administration, and any ban will likely lower gasoline prices and even inflation boost further.

US Senator Chris Coons said the government is coordinating with European allies “and making sure we have the fundamentals in place to understand how a ban on Russian energy can be implemented effectively.”

“We’re going to see rising gas prices here in the United States. In Europe they will experience dramatic price increases. This is the price of standing up for freedom and standing with the Ukrainian people, but it will cost us something,” Coons told CNN.

The White House is also negotiating with leaders in the US Congress, who are working on expedited bipartisan legislation that would ban Russian imports, which was due to be voted on as early as this week.

US Representative Susan Wild said Americans need to recognize what major sacrifices are required. “Obviously nobody wants to pay for gas anymore,” Wild, a Democrat on the House Foreign Affairs Committee, told MSNBC.

(Reporting by Steve Holland, Jeff Mason; Editing by Heather Timmons and Alistair Bell)

https://www.oann.com/biden-to-announce-ban-on-russian-oil-on-tuesday-sources/?utm_source=rss&utm_medium=rss&utm_campaign=biden-to-announce-ban-on-russian-oil-on-tuesday-sources Biden announces ban on Russian oil imports Tuesday – sources

Caroline Bleakley

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