US bans Russian oil and natural gas [Video]

• The U.S. is banning Russian oil and gas imports in response to its invasion of Ukraine, President Biden announced on Tuesday.
• Biden called the ban “another powerful blow to Putin’s war machine.”
• Ukrainian President Volodymyr Zelensky expressed his thanks and urged other countries to do the same.

President Joe Biden has made the announcement of a ban on Russian oil and gas imports, as response to its war on Ukraine.

The president announced, “The United States is targeting the main artery of Russia’s economy. We’re banning all imports of Russian oil and gas energy. That means Russian oil will no longer be accepted in U.S. ports, and the American people will deal another powerful blow to Putin’s war machine.”

The ban will also include Russian coal.

Biden said that the decision was made after consulting with European allies and partners amid the rising prices of oil and gas across the world.

In the United Kingdom, Russian oil imports are starting to get phased out with the aim of total elimination from British markets by year’s end.

America has already released oil reserves and ramped up supply. Russian oil only accounts for less than 5% of total U.S. oil imports, so the U.S. is far less dependent on Russian energy than other countries.

Some European allies do not have enough supply, however, and may therefore “not be in a position to join us.” According to a French official, the European Union is not expected to join, since it has heavier dependence on Russian energy.

Biden warned Americans that the decision would result in even higher gas prices.

“I’m going to do everything I can to minimize Putin’s price hike here at home,” he stated.

He later told reporters that the inflation is “Russia’s fault” and that he “can’t do much right now.”

Ukrainian officials have long pleaded for a ban on Russian energy imports since the start of the invasion.

The Biden administration has been initially hesitant to issue such a ban, despite calls from both Democrat and Republican lawmakers, in fear of continuing price hikes.

Recently, however, top officials signaled a willingness to consider. On Monday, press secretary Jen Psaki said that discussions have begun internally and with other countries.

Ukrainian President Volodymyr Zelensky expressed his thanks on Twitter: “Thankful for US and @POTUS personal leadership in striking in the heart of Putin’s war machine and banning oil, gas and coal from US market. Encourage other countries and leaders to follow.”

Russia, along with its officials and oligarchs, has faced debilitating economic sanctions from the U.S. and its allies since starting its invasion of Ukraine nearly two weeks ago.

Source: CBS News