President Biden: The US will ban Russian crude oil imports, dealing a painful blow to Putin's war machine

 President Biden: The US will ban Russian crude oil imports, dealing a painful blow to Putin's war machine

Ban on the import of Russian crude oil

Speaking at the White House on March 8, President Joe Biden said: "I would like to announce today that the United States is targeting the main lifeline of the Russian economy. We will ban all imports of oil. Russian gas and mines".

"It means that energy products of this country will not be allowed to dock in US ports. Through the new measure, the people of our country will deal another blow to Putin's war machine." President Biden continued.

 "This is a new step that we are taking to inflict more pain on President Vladimir Putin," he stressed.

The new US move comes as Western allies are trying to isolate Russia from the global economy to punish the Kremlin boss for aggressive behavior in neighboring Kraine.

Britain announced its own restrictions on Russian crude oil imports, shortly before Mr. Biden delivered his speech. Meanwhile, London said it would phase out Russian energy imports by the end of the year.

On the morning of March 8, in a press release, the European Union (EU) revealed Russia's plan to phase out fossil fuels. European Commission President Ursula von der Leyen said: "The EU cannot trust a supplier who threatens us as clearly as day."

The White House said in a fact sheet that President Biden will sign an executive order banning Russian imports of oil, liquefied natural gas and coal soon.


Speaking to CNBC, a senior official said the ban on new contracts to buy Russian crude would take effect "immediately". That is, businesses in the US will not be able to sign new contracts and existing contracts must be canceled within 45 days.

Ukrainian President Volodymyr Zelensky welcomed Mr Biden's decision on Twitter. "Thanks to the United States and President Biden for hitting the heart of Putin's war machine... I hope other countries will join in."

The American people must pay the price

According to Energy Information Administration (EIA) data, last year, the US imported about 672,000 barrels of oil per day from Russia. This equates to about 8% of the world's largest economy's total imports of crude oil and refined products.

Most of America's crude oil and gasoline imports come from Canada, Mexico, and Saudi Arabia. As a result, the United States is generally less dependent on Russian energy supplies than many of its European partners.

Putin's military action has generated an unprecedented international response, as dozens of countries have imposed sanctions aimed at crippling the Kremlin, Russian oligarchs and even the Russian president.

Russia's currency has fallen sharply against the dollar and the country's stock market has been closed since the massive Western embargo. At the same time, more and more businesses are fleeing from Russia for fear of being implicated.

In the US, the public and lawmakers have repeatedly called on Mr. Biden to target crude oil - the main export of the country's economy. However, in the context of record gas prices, Mr. Biden hesitated for a while.

U.S. gasoline prices climbed to an all-time high following news of a ban on Russian crude imports. According to AAA, the national average price of gasoline has increased to $4,173 per gallon. The previous record was $4,114 per gallon, set in July 2008.

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