US Bans Energy Imports From Russia

US Bans Energy Imports From Russia

March 9, 2022, 7:29 a.m.

US President Joe Biden has announced a ban on Russian energy imports. The decision comes as the US and its allies target the Russian economy over the invasion of Ukraine.

Biden announced the ban at the White House on Tuesday. It includes oil, coal, and liquefied natural gas.

He said the US is united in its purpose to keep pressure mounting on Putin and his "war machine." He said he is enacting the ban to inflict further pain on Putin.

Sanctions by the US and its allies have targeted Russian companies and individuals. They are already hurting the Russian economy.

Biden acknowledged some of the costs of the energy ban will be borne by American families and businesses.

Last year, 8 percent of US imports of oil and refined products came from Russia. Consumers had already seen prices climb as economies recovered from the pandemic. The tensions in and around Ukraine prompted those prices to spike.

Biden said that since Putin began his military buildup, a gallon of gas in the US has gone up 75 cents. The ban will make it rise even higher. He promised to release oil from strategic reserves and do everything else he can to control prices.

He added that the situation should motivate Americans to speed up their transition to clean energy. He says if that happens, "tyrants like Putin" would not be able to use fossil fuels as "weapons."

Source: AP

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