President Joe Biden imposed a ban on all Russian oil, gas, and energy imports to inflict more economic damage on the country’s economy. He called the move as targeting a "major artery" of Russia's economy in the midst of Russia’s assault on Ukraine.
Biden reiterated that the ban would come at a cost to Americans. US citizens face the highest gas prices since the 2008 financial crisis, with the national average above $4 per gallon.
The President in an address from the White House said that the ban had “strong bipartisan support in Congress and, I believe, across the country.”
Although Russia is the world's third-biggest oil producer—after the US and Saudi Arabia—the effect on US oil imports would be "modest" in comparison to its allies, administration sources told Fox News.
While not all the Western countries are together on banning Russian energy imports, they are looking for ways to curb their dependency on it.
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The UK will be winding down Russian oil imports by the year end
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The EU will be reducing its Russian gas imports by two-thirds over the same time frame
Russia accounted for 25% of the EU's crude oil imports in 2020.
To curb the rising prices of gas, the US may be looking at alternatives like bringing in oil from Iran and Venezuela.
