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Biden likely to announce ban on US imports of Russian oil
The move follows pleas by Ukrainian President Volodymyr Zelenskyy to the US and Western officials to cut off the imports from Russia.
US President Joe Biden is expected to announce a ban on US imports of Russian oil on Tuesday in response to Moscow's invasion of Ukraine, news agency AFP reported citing US media outlets.
Biden is set to speak at 9:15 pm to ‘announce actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine,’ the White House said.
The move follows pleas by Ukrainian President Volodymyr Zelenskyy to the US 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 influx of cash flowing to Russia despite otherwise severe restrictions on its financial sector.
Gas prices have been rising for weeks due to the conflict and in anticipation of potential sanctions on the Russian energy sector. The US national average for a gallon of petrol soared 45 cents a gallon in the past week and topped $4.06 on Monday, according to auto club AAA.
The United States generally imports about one lakh barrels a day from Russia, only about 5% of Russia’s crude oil exports, according to Rystad Energy. Last year, roughly 8% of U.S. imports of oil and petroleum products came from Russia, news agency AP reports.
Many Western energy companies including Shell, ExxonMobil and BP moved to cut ties with Russia and limit imports.
Russia is the world's biggest exporter of oil and natural gas. It has been subjected to global financial sanctions over the war in Ukraine, but until now its energy exports were exempted. Before the invasion, Russian oil and gas made up more than a third of government revenues.
(With inputs from AP, AFP)
