Sunday, December 10

US expected to ban Russian oil imports

  • The move against Russian energy imports comes almost 2 weeks after the invasion of Ukraine.
  • The ban is expected to deliver a devastating blow to the Russian economy.
  • US gas prices are expected to rise in light of the ban, but the extent is unclear yet.

WASHINGTON – President Joe Biden will announce a ban on the US import of russianenergy in the latest effort to ratchet up sanctions over Russia’s invasion of Ukrainea familiar source with the announcement told USA TODAY.

The White House said Biden on Tuesday morning will announce “actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine.”

The source, who spoke to USA TODAY on condition of anonymity in order to discuss the announcement, said the speech would focus on the forthcoming ban on Russian oil, liquefied natural gas and coal.

US and European allies had previously insulated Russian oil from the sweeping economic sanctions placed on Moscow, citing its effect on the global energy markets. But the ban is expected to deliver a devastating blow to the Russian economy, which relies on oil and gas production for more than 40% of the country’s revenue.

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