By Trevor Hunnicutt and Steve Holland
WASHINGTON – U.S. President Joe Biden introduced a ban on Russian oil and different power imports on Tuesday in retaliation for the invasion of Ukraine, underscoring robust bipartisan assist for a transfer that he acknowledged would drive up U.S. power costs.
“We’re banning all imports of Russian oil and fuel power,” Biden advised reporters on the White Home. “Meaning Russian oil will not be acceptable in U.S. ports and the American individuals will deal one other highly effective blow to (Russian President Vladimir) Putin’s battle machine.”
Oil costs jumped on the information, with Benchmark Brent crude LCOc1 for Could climbing by 5.4% to $129.91 a barrel by 1345 GMT.
Biden has been working with allies in Europe, who're far extra depending on Russian oil, to isolate Russia’s energy-heavy economic system and Putin. Britain introduced shortly earlier than Biden’s remarks that it could part out the import of Russian oil and oil merchandise by the top of 2022.
Biden stated sanctions imposed by america and its allies had already precipitated the Russian economic system to “crater”. He stated the most recent strikes had been made in shut session with allies and companions world wide.
The USA imported greater than 20.4 million barrels of crude and refined merchandise a month on common from Russia in 2021, about 8% of U.S. liquid gas imports, in accordance with the Power Data Administration, and the ban is predicted to ship already excessive gasoline costs and inflation hovering. The USA additionally imports a negligible quantity of coal from Russia.
Biden predicted costs would rise additional on account of “Putin’s battle,” however pledged to do all he may to attenuate the impression on the American individuals. He additionally warned U.S. fuel firms in opposition to exploiting the scenario to interact in profiteering or worth gouging.
U.S. Senator Chris Coons stated the administration was coordinating with European allies “and ensuring that we’ve finished the groundwork to know find out how to successfully implement a ban on Russian power.”
“We're going to see elevated fuel costs right here in america. In Europe, they may see dramatic will increase in costs. That’s the price of standing up for freedom and standing alongside the Ukrainian individuals, but it surely’s going to price us,” Coons advised CNN.
The White Home had been coordinating with U.S. congressional leaders engaged on fast-tracking bipartisan laws to ban Russian imports, however the ban of Russian imports would make any such invoice moot.
Republican lawmakers took to social media to welcome the choice, whereas criticizing Biden’s inexperienced power insurance policies, and calling for the administration to assist extra oil and fuel manufacturing at dwelling.
U.S. Consultant Susan Wild stated People want to comprehend the bigger sacrifice wanted. “Clearly no person desires to pay extra for fuel,” Wild, a Democrat on the Home of Representatives International Affairs Committee, stated on MSNBC.
In saying that it's phasing out imports of Russian oil and oil merchandise by the top of 2022, Britain stated it's giving the market and companies greater than sufficient time to seek out options to the imports, which make up 8% of demand.
“The federal government can even work with firms via a brand new Taskforce on Oil to assist them to utilize this era find various provides,” British Enterprise and Power Secretary Kwasi Kwarteng stated.
(The story corrects para 4 to clarify Britain banning Russian oil and oil merchandise not Russian oil and fuel)
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