“We’re banning all imports of Russian oil and gas and energy,” President Biden said. “That means Russian oil will no longer be acceptable at U.S. ports and the American people will deal another powerful blow to Putin’s war machine.'
President Joe Biden on Tuesday announced a U.S. ban on Russian oil imports, as he seeks to ratchet up pressure on Moscow in retaliation for its invasion of Ukraine.
The president also warned that U.S. consumers would feel the effect in the form of a further increase in gasoline RB00, +1.33% RBJ22, +1.33% prices. “The decision today is not without cost here at home,” Biden said. Bloomberg earlier reported that the ban will include Russian oil, liquefied natural gas and coal. The decision was made in consultation with European allies, who rely more heavily than the U.S. on Russian energy, Bloomberg reported.
Read: As U.S. lawmakers push to ban Russian oil, analyst sees ‘limited impact’ on prices for Americans