President Joe Biden announces a ban on Russian oil imports, adding to the toll on the Russian economy in response to his invasion of Ukraine. President announced on Tuesday that the United States would strike at “the main artery of the Russian economy” by banning Russian energy imports and hit the Russian economy hardest on Tuesday.
President Joe Biden later signed an executive order banning Russian oil, LNG and coal, LNG and coal from entering the US, a senior administration official said. On Monday, Democrats from the powerful Committee on Ways and Means published and then deleted an announcement for a bipartisan bill to ban Russian oil imports and impose more trade sanctions on the country, aide said because of White House resistance. … opposed to taking action before President Joe Biden delivered the Biden decision on Tuesday. Meanwhile, Speaker of the House Nancy Pelosi, D-California, told Speaker of the House Nancy Pelosi at a caucus Tuesday afternoon that the House of Representatives will vote later that day on legislation to ban Russian oil, even though President Joe Biden does not need congressional action to move forward. forward. ban. House Speaker Nancy Pelosi said earlier that House Democrats are “exploring strong legislation” that would ban Russian oil and energy imports, among other measures designed to isolate Russia from the global economy.
Over the weekend, a US delegation traveled to Caracas to meet with President Nicolás Maduro to discuss the possibility of easing sanctions on Venezuelan oil exports as the White House considered imposing a ban on Russian oil imports. Content of the article President Joe Biden said the United States will ban imports of Russian fossil fuels, including oil, in a major escalation in Western efforts to thwart the Russian economy, further adding to the strain on global crude oil markets. President Joe Biden has warned that the ban is likely to push up US gas prices, but more sanctions pressure on the Russian economy over its war with Ukraine needs to be stepped up.
This reduction means that Russian oil will no longer be accepted at US ports and the American people will deal another powerful blow to (President Vladimir) Putin,” President Joe Biden said in a White House speech, adding that the decision had been made. “in close consultation” with allies. Russian President Vladimir Putin responded to the White House announcement with a decree instructing his cabinet to draw up a list of goods whose imports and exports must be stopped before the end of 2022.
The White House said the action also bans new US investment in the Russian energy sector and bans Americans from participating in foreign investment flowing into that sector of the Russian economy. Even before the US ban, energy giant Shell said it would stop buying Russian oil and natural gas and stop its operations in Russia. On Tuesday, global energy giant Shell apologized for past purchases of Russian oil products and agreed to end all involvement in the Russian oil and gas industry. The UK has said the UK will also stop using Russian oil by the end of the year, and the EU plans to cut gas imports by two-thirds as Western sanctions finally begin to target the economy’s lifeline for war with Russia.
On Tuesday, the European Union unveiled plans to reduce the bloc’s reliance on Russian gas by two-thirds this year and end reliance on Russian fuel supplies. Britain will phase out imports of Russian oil and petroleum products by the end of 2022 and consider banning its gas, joining other countries, including the United States, in punishing Russia for invading Ukraine. Boris Johnson says Britain “cannot stop oil imports overnight” but insists “a ban is a huge step the world is taking” despite his reliance on Russian energy, European countries are now is preparing to reduce its dependence on Russian energy.
Europe has become more open to the idea of a ban in recent days, but the UK government has announced plans to “phase out” Russian energy. The Canadian government last month announced its intention to completely ban imports of crude oil from Russia, but the move was largely symbolic. Ukrainian leaders have also pushed for a broader Western ban on Russian goods. According to European Commission President Ursula von der Leyen, EU sanctions target a large share of Russia’s banking sector and large state-owned companies, and limit Russia’s access to aerospace and information technology.
Article Content More on this topic Live updates on Russia’s full-scale economic and financial war What happens when energy prices rise too much, even for producers and oil-rich provinces It’s not too late to build Keystone XL , Kenney said the need for the U.S. to find alternatives to Russian oil has grown stronger since Ukrainian President Volodymyr Zelensky called on U.S. lawmakers to ban Russian oil imports in a phone call on Saturday. Pelosi said the House of Representatives will vote on Tuesday to pass legislation that would ban imports of Russian oil, impose trade costs on Russia and expand powers to sanction Russians for attacks on Ukrainian civilians.
Experts say the ban rivals other major historical oil price upheavals, such as the 1979 Iranian revolution. devoted most of his remarks to focusing American anger directly on Putin, and also urged US energy companies to increase domestic oil production.