US bans Russian energy imports

  • The move against Russian energy imports comes almost 2 weeks after the invasion of Ukraine.
  • The ban is expected to deliver a devastating blow to the Russian economy.
  • US gas prices are expected to rise in light of the ban, but the extent is unclear yet.

WASHINGTON – President Joe Biden announced a ban on the U.S. import of all Russian energy in the latest effort to ratchet up sanctions over Russia’s invasion of Ukraine, “targeting the main artery of Russia’s economy.” 

“Russian oil will no longer be accepted at U.S. ports,” the president said in remarks Tuesday at the White House. “We will not be part of subsidizing Putin’s war.” 

The president said he made the decision in consultation with European allies but added they are not in a position to join the U.S. in banning Russian energy imports. He said the U.S. is working closely with European allies to develop a “long-term strategy” to reduce their dependence on Russian energy. 

U.S. and European allies had previously insulated Russian oil from the sweeping economic sanctions placed on Moscow, citing its effect on the global energy markets. But the ban is expected to deliver a devastating blow to the Russian economy, which relies on oil and gas production for more than 40% of the country’s revenue. 

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