United States President Joe Biden has banned all imports of oil, natural gas and coal from Russia in response to the ongoing invasion of Ukraine.
President Biden made the announcement on Tuesday March 8, warning that the decision could lead to a spike in gas prices in the US.
“Today I am announcing the United States is targeting the main artery of Russia’s economy. We’re banning all imports of Russian oil and gas and energy,” he stated.
He added, “That means Russian oil will no longer be acceptable at US ports and the American people will deal another powerful blow to Putin’s war machine.”
Initially, the decision to sanction Russia’s oil and gas sector was viewed by officials in Europe and the US as off the table considering the implications it would have on global oil prices. However, following increased pressure from Ukraine’s President and lawmakers in the US as Russian attacks continued on Ukraine soil, President Biden decided to act and impose the sanctions.
America’s European allies are yet to sanction Russia’s oil and gas as they have significantly more exposure to Russian energy than the US.