In retaliation for Russia’s invasion of Ukraine, US President Joe Biden announced a ban on Russian oil and other energy imports on Tuesday, highlighting strong bipartisan support for a move that he acknowledged would raise US energy prices.
Biden told reporters at the White House, “We’re banning all imports of Russian oil and gas energy.” “This means Russian oil will no longer be accepted in US ports, and the American people will deal (Russian President Vladimir) Putin’s war machine another powerful blow.”
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Benchmark Brent crude LCOc1 for May rose 5.4 percent to $129.91 per barrel by 1345 GMT as a result of the news.
Biden has been working with European allies who are far more reliant on Russian oil to isolate Putin and Russia’s energy-intensive economy. Shortly before Biden’s remarks, the United Kingdom announced that it would phase out the import of Russian oil and oil products by the end of 2022. Sanctions imposed by the US and its allies, according to Biden, have already caused the Russian economy to “crater.” He stated that the most recent moves were made in close collaboration with allies and partners around the world.
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