WASHINGTON (AP) — President Joe Biden has moved to ban imports of Russian oil, a step that will tighten the squeeze on Russia’s economy in retaliation for its invasion of Ukraine, according to a person familiar with the matter.
The move follows pleas from Ukrainian President Volodymyr Zelenskyy to American and Western officials to cut off imports, a demand that had stood out as a glaring omission amid the broad sanctions leveled at Russia over its invasion. Energy exports have continued to bring cash into Moscow despite the harsh restrictions placed on its financial sector.
Biden was prepared to announce the measure as soon as Tuesday, the person said, speaking on condition of anonymity to discuss deliberations ahead of his remarks. The White House stated that Biden would outline “steps to keep Russia accountable for its unprovoked and unjustified war against Ukraine.”
The United States will act unilaterally, but in close consultation with European allies who depend more heavily on Russian energy supplies. European nations have said they intend to cut their reliance on Russia for energy, but bridging the gap without crippling their economies will likely take time. Russia’s natural gas accounts for about a third of Europe’s fossil fuel consumption. The United States does not import Russian natural gas.
Biden had explained his reluctance to impose energy sanctions at the outset of the conflict two weeks earlier, saying he was trying to “limit the pain Americans feel at the gas pump.”
Gas prices had been climbing for weeks amid the conflict and in anticipation of potential penalties on Russia’s energy sector. The national average price per gallon of regular gasoline jumped 45 cents last week and topped $4.06 on Monday, according to AAA.
The United States typically imports about 100,000 barrels a day of Russian oil, roughly 5% of Russia’s crude exports, according to Rystad Energy. Last year, roughly 8% of the United States’ imports of oil and petroleum products came from Russia.
Even before the ban, many Western energy companies, including ExxonMobil and BP, began moving to sever ties with Russia and curb imports. Shell, which bought a cargo of Russian oil this weekend, apologized for the move on Tuesday amid international criticism and pledged to halt further purchases of Russian energy supplies. Preliminary
