Biden announces US ban on Russian oil imports
US President Joe Biden on Tuesday declared a US ban on Russian oil and other energy imports, ramping up a pressure campaign on Moscow in vengeance for the invasion of Ukraine.
He said the move means the American people will deal another powerful blow to Putin’s leadership.
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“We will not be part of subsidizing Putin’s war,” Biden added.
— President Biden (@POTUS) March 8, 2022
Oil prices saw near 14-year highs on Tuesday. Brent crude futures were up $1.06, or 0.9 percent, at $124.27 a barrel at 0223 GMT, after trading as high as $125.19 then dipping to $121.31.
Russia exports around 7 million barrels per day of crude and oil products.
If all of Russia’s oil exports were blocked from global markets, analysts have said prices could rocket to $200 a barrel, while Russia’s deputy Prime Minister said oil could soar to more than $300.
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