By: Zachary Lopez (ZachNews):
Source: The White House (Information):
Washington, District of Columbia: United States President Joe Biden has announced on Tuesday, March 8th, 2022 a ban on Russian oil imports into the United States in retaliation for the Russia invasion on Ukraine.
Live Broadcast: The White House (Courtesy)
The announcement comes after pleas from Ukrainian President Volodmyr Zelenskyy to the United States and Western officials to cut off the imports, which had been a glaring omission the massive sanctions put in place on Russia over the invasion.
Picture: The White House (Courtesy)
“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 energy. That means Russian oil will no longer be accepted in U.S. ports, and the American people will deal another powerful blow to Putin’s war machine,” said United States President Joe Biden.
The United States’ ban on Russian oil imports comes as gas prices have spiked to all-time highs in the wake of the Russian invasion, despite U.S. efforts to release oil reserves and ramp up supply.
United States President Joe Biden said the decision was made in close consultation with allies and partners in Europe, but acknowledged that some allies may not be in a position to join us.
For weeks, gas prices have been rising due to the conflict and in anticipation of potential sanctions on the Russian energy sector.
According to the American Automobile Association, the national average in the United States for a gallon of gasoline soared 45 cents a gallon in the past week, and has topped $4.06 on Monday.
According to Rystad Energy, the United States imports about 100,000 barrels a day from Russia, only about 5% of Russia’s crude oil exports, and in 2021, roughly 8% of U.S. imports of oil and petroleum products came from Russia.
Even before the United States ban on Russian oil imports, many Western energy companies including ExxonMobil and BP moved to cut ties with the Russia and limit imports.
The United States and its allies have imposed punishing sanctions against Russia since the invasion, taking aim at the country’s financial system and Russian elites, including Russia President Putin himself.
More information is still coming in.