US bans Russian oil imports

Economy

Published: 2022-03-08 18:39

Last Updated: 2024-04-24 04:26


Credit: AFP
Credit: AFP

President Joe Biden announced a ban on US imports of Russian oil on Tuesday, in the administration's most far-reaching action yet to punish Moscow for its military operations in Ukraine, AFP reported.

"We're banning all imports of Russian oil and gas and energy. That means Russian oil will no longer be acceptable at US ports and the American people will deal another powerful blow to (President Vladimir) Putin," Biden said in an address from the White House, adding that the decision was taken "in close consultation" with allies.

The ban came with Democrats threatening legislation to force Biden's hand, despite the likely impact on already soaring gas prices.


Also Read: UK to phase out Russian oil imports by end of 2022: AFP


Britain said Tuesday it would phase out Russian oil imports by the end of this year, in line with new sanctions announced by the United States following the military operation in Ukraine, according to AFP.

"This transition will give the market, businesses and supply chains more than enough time to replace Russian imports – which make up 8.0 percent of UK demand," Business Secretary Kwasi Kwarteng tweeted.

The oil sanction does not apply to Russian natural gas, which accounts for some four percent of UK supply. But Kwarteng said he was "exploring options to end this altogether.”