US President Joe Biden on Tuesday announced a US ban on Russian oil and other energy imports, lifting a pressure campaign on Moscow in retaliation for the invasion of Ukraine.
Oil prices jumped on the news, with benchmark Brent crude LCOc1 for May climbing 5.4% to $ 129.91 per barrel by 1345 GMT.
Biden has partnered with allies in Europe, which are much more dependent on Russian oil, to isolate the energy-heavy economy of Russia and President Vladimir Putin.
Two people familiar with the matter told Reuters on Monday the United States may move forward with a ban on Russian oil imports without the participation of allies in Europe.
Who buys Russian oil and gas?
Russia annually exports between 4 and 5 million bbls of crude oil and about 8.5 trillion cubic feet of natural gas.
The United States imported an average of more than 20.4 million barrels of raw and refined products per month from Russia by 2021, about 8% of US imports of liquid fuels, according to the Energy Information Administration, and any ban is likely to increase gasoline prices and inflation a little further.
The United States also imports a negligible amount of coal from Russia.
US gas pump prices near a record high
U.S. Senator Chris Coons said the administration is coordinating with European allies “and make sure we have done the groundwork to understand how you can effectively implement a ban on Russian energy.”
“We will see increased gas prices here in the United States. In Europe they will see dramatic increases in prices. That is the cost of standing up for freedom and standing next to the Ukrainian people, but it will cost us,” Coons said. CNN.
The White House was previously coordinated with U.S. congressmen working on fast-tracking bipartisan legislation that would ban Russian imports; any ban by the White House on Russian imports would impose such a bill.
Republican lawmakers went on social media to welcome the decision, while criticizing Biden’s green energy policy and calling on the administration to support more oil and gas production at home.
U.S. Representative Susan Wild said Americans need to realize the greater sacrifice that is needed. “Obviously no one wants to pay for gas anymore,” said Wild, a Democrat in the House Foreign Affairs Committee. MSNBC.
REPORT: Sharp rise in oil and gas prices and the impact on the world economy
Biden announces US ban on Russian oil imports – SABC News
Source link Biden announces US ban on Russian oil imports – SABC News