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Ukraine conflict: Biden announces ban on US imports of Russian oil
US President Joe Biden while announcing the sanctions said that many of the European allies and partners may not be in a position to join Washington
US President Joe Biden has announced a ban on US imports of Russian oil, gas and energy on Tuesday in response to Moscow's invasion of Ukraine. “The ban on Russian oil imports has been decided in close consultation with allies,” AFP quoted him as saying.
"We're moving forward with this ban understanding that many of our European allies and partners may not be in a position to join us," Biden said Tuesday at the White House.
“We are enforcing the most significant package of economic sanctions in history, and it's causing significant damage to Russia's economy,” he added.
Earlier on Tuesday, the UK government also announced that it plans to phase out all imports of Russian oil, its latest sanctions move against Vladimir Putin’s administration over the war in Ukraine, Bloomberg reported citing sources.
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.
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.
Meanwhile, German Chancellor Olaf Scholz has said he opposes a European ban on Russian energy imports and that there’s no other way to meet the European Union’s needs for motor fuel, heat and electricity, and industrial use.
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)
