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Ukraine war: Joe Biden announces ban on Russian oil, gas imports
Biden said that the US understood that not all of its allies and partners in Europe would be able to join America in this ban.
Deploying yet another tool in its sanctions arsenal, after intense political pressure from the Congress, and despite worries about its implication for the United States’ own and global energy prices, US President Joe Biden announced a ban on oil, gas and energy imports from Russia.
“Today, I am announcing that the US is targeting the main artery of Russia’s economy. We are banning all imports of Russian oil, gas and energy. That means that Russian oil will no longer be acceptable at US ports. The American people will deal another powerful blow at (Vladimir) Putin’s war machine.”
While saying that he had made the decision in close coordination with allies and partners, Biden said that the US understood that not all of its allies and partners in Europe would be able to join America in this ban. “We produce far more oil domestically than all of European countries combined. In fact, we are a net exporter of energy. We can take this step when others can’t.”
But he said that the US was working closely with European countries to find ways to reduce their long-term dependence on Russian energy.
Joe Biden also acknowledged that while the aim was to inflict further pain on Putin, there would be costs for the American people. “Defending freedom is going to cost us as well…Republicans and Democrats alike have been clear that we must do this.”
He said that Putin’s war was already costing American families, and gas prices would go up further, but added that the administration would do all it can to minimise pain at home and ensure reliable supply of global energy.
Joe Biden warned oil and gas companies not to exploit the situation with excessive prices and profiteering.
While calling the administration to impose such a ban, the Republicans have used the opportunity to criticise Biden’s energy policy and observers believe that a further spike in gas prices will become a key political issue in mid-term elections, scheduled for November.
The president defended his record on domestic oil and gas production, and said that the crisis was a reminder of the importance of being energy independent. “This should accelerate our transition to clean energy.”
Biden also spoke of the US’s commitment to continue to provide security and humanitarian assistance to Ukraine, reiterated that sanctions had forced the Russian economy to cave in, nodded at private sector companies which had voluntarily ceased operations in Russia, and acknowledged the bravery of the Ukrainian people. “Putin may be able to take city, but he will never be able to hold the country.”
