US Bans Import of Russian Oil and Gas

US Bans Import of Russian Oil and Gas  - Sakshi Post

Imports of Russian oil and gas will be banned, according to US President Joe Biden.

Hyderabad: In response to Russia's invasion of Ukraine, US President Joe Biden declared on Tuesday that the US would restrict the import of Russian oil and gas, "hitting the main artery of Russia's economy."

The president stated that he decided after consulting with European partners, but that they may not be able to join the United States in prohibiting Russian energy imports.

"Today I am announcing that the United States is targeting the main artery of Russia’s economy. We’re banning all imports of Russian oil, gas, and energy," Biden said in remarks from the White House.

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"That means Russian oil will no longer be acceptable at US ports and the American people will deal another powerful blow to Putin’s war machine."

The move comes after Ukrainian President Volodymyr Zelenskyy pleaded with US and Western officials to halt Russian oil and gas imports.

Americans have come together to support the people of Ukraine, and we have made it clear that we will not be subsidising Putin's war, according to Biden, who spoke to reporters at the White House.

The latest step is likely to heighten tensions between the two countries and increase the cost of invading Ukraine economically.

We're taking this move to inflict further pain on Putin, but there will be repercussions here in the United States as well. I said from the start that I would be honest with the American people, and when I first talked about it, I said that preserving freedom will cost us in the United States as well, Biden said.

According to The Washington Post, Europe, which is far more reliant on Russian energy than the United States, revealed on Tuesday a plan to reduce gas imports from Russia by two-thirds this year.

According to The Hill, the US imported over 700,000 barrels of oil per day from Russia last year while using around 20 million barrels per day.

Senator Rob Portman applauded the Biden administration for agreeing to a ban on Russian crude oil, petroleum, petroleum products, LNG, and coal imports into the United States.

He stated, "I’m pleased the administration made this decision today because it is yet another tool we can use to bankrupt President Putin’s economy and his war machine."

According to Portman, now more than ever, we need to do more at home to implement an all-of-the-above energy strategy and grow domestic energy production to assist families affected by rising energy bills and improve our energy security in the present and future.

The US Chamber of Commerce praised the administration's decision to prohibit Russian energy imports.

According to Martin Durbin, president of the US Chamber of Commerce's Global Energy Institute, "it's time for the administration to partner with domestic energy producers to leverage America's ability to produce more oil and gas and focus on pro-growth policies to benefit our economy and the world's security."

Before leaving for Texas, Biden told reporters that the new sanctions will prevent tyrants like Putin from using fossil fuels as weapons against other countries and that America will become the world leader in developing and exporting clean energy technologies of the future to countries all over the world.

Gas costs were already rising as the United States battled historic inflation as a result of the coronavirus pandemic. Biden announced the largest release of oil from emergency stockpiles in US history in the fall, before the popular holiday travel season, to try to battle high energy costs.

The decision comes as gas prices in the United States increase as the global oil market is rocked by Russia's invasion of Ukraine.

So far, oil shipments have been protected from the sanctions imposed by the West on Russia. But, according to CNN, Biden has been pressured by both Democrats and Republicans to impose tighter sanctions on Russia's energy sector, which might do more harm to the Russian economy than the punitive economic measures imposed thus far.

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