‘Russian oil will no longer be acceptable in U.S. ports and the American people will deal another powerful blow to Russia,’ U.S. president says, pledges to minimize impact on Americans
U.S. President Joe Biden announced a ban on Russian oil and other energy imports on Tuesday in retaliation for the invasion of Ukraine, underscoring strong bipartisan support for a move that he acknowledged would drive up U.S. energy prices.
“We’re banning all imports of Russian oil and gas energy,” Biden told reporters at the White House. “That means Russian oil will no longer be acceptable in U.S. ports and the American people will deal another powerful blow to (Russian President Vladimir) Putin’s war machine.”
Oil prices jumped on the news, with Benchmark Brent crude LCOc1 for May climbing by 5.4% to $129.91 a barrel by 1345 GMT.
Biden has been working with allies in Europe, who are far more dependent on Russian oil, to isolate Russia’s energy-heavy economy and Putin. Britain announced shortly before Biden’s remarks that it would phase out the import of Russian oil and gas by the end of 2022.
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Britain will phase out Russian imports of oil and oil products by the end of 2022, business minister Kwasi Kwarteng said on Tuesday, calling on businesses to use the transition period to ensure a smooth transition.
According to a report, the US President Joe Biden banned Russian oil imports during an announcement made Tuesday, but warned Americans that they would suffer as a result of the move.
“The United States is targeting the main artery of Russia’s economy. We’re banning all imports of Russian oil and gas and energy. That means Russian oil will no longer be acceptable at US ports and the American people will deal another powerful blow to Putin,” Biden said in remarks from the White House.
He said the move was made “in close consultation” with allies.
“The US produces far more oil domestically than all of Europe combined. We’re a net exporter of energy, so we can take this step when others cannot,” he added.
Biden’s announcement came shortly after the United Kingdom said it would phase out Russian imports of oil and oil products by the end of the year.
But the US president warned American families that they would be negatively impacted by the decision and would see a rise in gasoline prices. Saying he would do what he could to mitigate the impact on Americans, Biden warned gas companies against price gouging.
“There will be cost as well here in the United States. I said I would level with the American people from the beginning, and when I first spoke to this, I said defending freedom is going to cost; it’s going to cost us as well in the United States.”
Putin will not win in Ukraine
Biden also warned Russia and its president, Vladimir Putin, that they would not win in the war on Ukraine. “Russia may continue to grind out its advance at a horrible price but this much is already clear, Ukraine will never be a victory for Putin,” Biden said.
“Putin may be able to take a city, but he’ll never be able to hold the country.”
