President Joe Biden announced Tuesday the U.S. will ban all Russian oil imports, toughening the toll on Russia\u2019s economy in retaliation for its invasion of Ukraine.<\/p>\n
Biden, however, acknowledged it will bring costs to Americans, particularly at the gas pump.<\/p>\n
The action follows pleas by Ukrainian President Volodymyr Zelenskyy to U.S. and Western officials to cut off the imports, which had been a glaring omission in the massive sanctions put in place on Russia over the invasion. Energy exports have kept a steady stream of cash flowing to Russia despite otherwise severe restrictions on its financial sector.<\/p>\n
\u201cWe will not be part of subsidizing Putin\u2019s war,\u201d Biden declared, calling the new action a \u201cpowerful blow\u201d against Russia\u2019s ability to fund the ongoing offensive.<\/p>\n
He warned that Americans will see rising prices, saying, \u201cDefending freedom is going to cost.\u201d<\/p>\n
Biden said the U.S. was acting in close consultation with European allies, who are more dependent on Russian energy supplies and who he acknowledged may not be able to join in immediately. The announcement marked the latest Biden attempt at cutting off Russia from much of the global economy and ensuring that the Ukraine invasion is a strategic loss President Vladimir Putin, even if he manages to seize territory.<\/p>\n
\u201cUkraine will never be a victory for Putin,\u201d Biden said.<\/p>\n
The European Union this week will commit to phasing out its reliance on Russia for energy needs as soon as possible, but filling the void without crippling EU economies will likely take some time. The U.K., which is no longer part of the EU, announced Tuesday that oil and oil products from Russia will be phased out by the end of the year.<\/p>\n
Unlike the U.S., which is a major oil and gas producer, Europe relies on imports for 90% of its gas and 97% of its oil products. Russia supplies 40% of Europe\u2019s gas and a quarter of its oil. The U.S. does not import Russian natural gas.<\/p>\n
According to AP, the issue of oil sanctions has created a conflict for the president between political interests at home and efforts to impose costs on Russia. Though Russian oil makes up only a small part of U.S. imports, Biden has said he was reluctant to ban it, cutting into supplies here and pushing gasoline prices higher.<\/p>\n
Inflation is at a 40-year peak, fueled in large part by gas prices, and that could hurt Biden heading into the November midterm elections.<\/p>\n
\u201cPutin\u2019s war is already hurting American families at the gas pump,\u201d Biden said, adding, \u201cI\u2019m going to do everything I can to minimize Putin\u2019s price hike here at home.\u201d<\/p>\n
Gas prices have been rising for weeks due to the conflict and in anticipation of potential sanctions on the Russian energy sector. The average price for a gallon of gasoline in the U.S. hit a record $4.17 Tuesday, rising by 10 cents in one day, and up 55 cents since last week, according to auto club AAA.<\/p>\n
Biden said it was understandable that prices were rising, but cautioned the U.S. energy industry against \u201cexcessive price increases\u201d and exploiting consumers.<\/p>\n
Even before the U.S. ban many Western energy companies including ExxonMobil and BP moved to cut ties with the Russia and limit imports. Shell, which purchased a shipment of Russian oil this weekend, apologized for the move on Tuesday amid international criticism and pledged to halt further purchases of Russian energy supplies. Preliminary data from the U.S. Energy Department shows imports of Russian crude dropped to zero in the last week in February.<\/p>\n
In 2021, the U.S. imported roughly 245 million barrels of crude oil and petroleum products from Russia, a one-year increase of 24%, according to the U.S. Energy Information Administration.<\/p>\n
\u201cIt\u2019s an important step to show Russia that energy is on the table,\u201d said Max Bergmann, a former State Department official who is now a senior fellow at the Democratic-leaning Center for American Progress.<\/p>\n
Bergmann said it wasn\u2019t surprising that the U.S. was able to take this step before European nations, which are more dependent on Russian energy.<\/p>\n
The White House said the ban on new purchases was effective immediately, but that the administration was allowing a 45-day \u201cwind down\u201d for continued delivery under existing contracts.<\/p>\n
The White House announcement comes amid bipartisan pressure on Capitol Hill to ban Russian energy and impose other economic costs.<\/p>\n
Last week, House Speaker Nancy Pelosi gave a big boost when she declared, \u201cBan it.\u201d<\/p>\n
On Monday, Democrats on the powerful Ways & Means Committee posted, then removed, an announcement on a bipartisan bill to ban Russian oil imports and slap further trade sanctions on the country, according to an aide, because of pushback from the White House to acting before Biden had made his decision.<\/p>\n
Before the invasion, Russian oil and gas made up more than a third of government revenues. Global energy prices have surged after the invasion and have continued to rise despite coordinated releases of strategic reserves, making Russian exports even more lucrative.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
President Joe Biden announced Tuesday the U.S. will ban all Russian oil imports, toughening the toll on Russia\u2019s economy in retaliation for its invasion of Ukraine. Biden, however, acknowledged it…<\/p>\n","protected":false},"author":1,"featured_media":92606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-92605","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n