Check out the full story to see how else President Joe Biden plans on handling the Russia-Ukraine crisis.
WASHINGTON — President Joe Biden has banned Russian oil imports, toughening the toll on Russia's economy in retaliation for its invasion of Ukraine.
Energy exports have kept a steady influx of cash flowing to Russia despite otherwise severe restrictions on its financial sector. Hours after news of the U.S. ban broke, Britain announced it would also ban energy imports from Russia. Biden noted that he understood that not all European allies would join the U.S. in the ban, as much of the continent relies on Russia for oil and natural gas.
In his remarks, Biden admitted that his decision to ban imports from Russia would likely cause prices to increase further. He added that the U.S. would release oil from its strategic reserves in the hopes of countering the loss in the global energy supply.