President Joe Biden
Biden declares an embargo on Russian oil imports
President Joe Biden declared on Tuesday that the United States will prohibit the import of Russian oil and other energy supplies, but many European friends and partners will not soon follow.
The action is expected to result in dramatic increases in gasoline and other energy prices in the United States and around the world.
“The United States is attacking the primary artery of Russia’s economy,” he declared from the White House, adding that “the American people will strike another devastating blow to Putin’s war machine.”
Biden said the decision was reached after “deep conversation” with US allies, some of whom he claimed would not be “in a position” to do so, but the alliance remained unified.
Even while the White House initially opposed, arguing it was not in the US’ “strategic interest” to limit the world’s oil supply and drive up gasoline costs, Biden has been under increasing political pressure from both Democrats and Republicans on Capitol Hill to move forward with the ban.
Top lawmakers announced on Monday that they had reached an agreement on bipartisan legislation to punish Russia for its invasion of Ukraine by prohibiting the import of Russian oil and other energy products, as well as suspending normal trade relations with Russia. A House vote is expected this week.
Gasoline prices in the United States, which are already at record highs, are likely to rise even more as a result of Biden’s announcement.
“I’m going to do everything I can here at home to mitigate Putin’s price spike,” Biden added.
“To the oil and gas businesses, as well as the financial institutions that support them, we understand that Putin’s campaign against the Ukrainian people is driving up prices. That’s something we understand. That much is self-evident “he stated “However, this is no reason for exorbitant price rises, profit padding, or any other attempt to take advantage of the circumstances or, more specifically, American customers. The burden of Russia’s aggressiveness is being borne by all of us. It’s also not the time to profiteer or price gouge. I’d like to be explicit about what we won’t put up with.”
According to early US government figures, Russia accounted for about 8% of US crude oil and petroleum product imports last year, and 3% of US oil imports.
Officials from the White House also claim that the impact on Russia, which will send only 1% of its oil exports to the US in 2020, will be minimal — especially since the country’s oil and gas sector is already “de facto sanctioned” due to severe limitations on Russian banks.
However, according to a recent NPR/PBS NewsHour/Marist survey, 69% of Americans support economic sanctions against Russia, even if it means higher oil prices in the United States.
Because European countries rely heavily on Russia for their energy needs — nearly half of Russian oil exports go to Europe, according to US government figures — and analysts say a ban would significantly raise Europe’s energy prices, there is less appetite in Europe for a ban on Russian oil and gas imports.
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