• By The Financial District

Biden Bans Imports Of Russian Oil To Punish Putin

President Joe Biden has decided to ban Russian oil imports, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine, a person familiar with the matter told Zeke Miller, Mike Balsamo, and Josh Boak of the Associated Press (AP).

Photo Insert: Behind the scenes of President Biden’s having announced additional costs to be imposed on Russia in response to their unjustified attacks on Ukraine

The move follows pleas by Ukrainian President Volodymyr Zelenskyy to US and Western officials to cut off the imports, which had been a glaring omission in the massive sanctions put in place on Russia over the invasion.

Energy exports have kept a steady influx of cash flowing to Russia despite otherwise severe restrictions on its financial sector. Biden was set to announce the move as soon as Tuesday, the person said, speaking on condition of anonymity to discuss the matter before his remarks.

The White House said Biden would announce “actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine,” which has led to more than 2-million Ukrainians streaming out of their country to avoid the rampaging Russian military.

The US will be acting alone, but in close consultation with European allies, who are more dependent on Russian energy supplies. European nations have said they plan to reduce their reliance on Russia for their energy needs, but filling the void without crippling their economies will likely take some time.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

Natural gas from Russia accounts for one-third of Europe’s consumption of the fossil fuel. The US does not import Russian natural gas. At best, the US buys only 2% of its crude oil from Moscow.

Biden had explained his reluctance to impose energy sanctions at the outset of the conflict two weeks ago, saying that he was trying “to limit the pain the American people are feeling at the gas pump.”

Government & politics: Politicians, government officials and delegates standing in front of their country flags in a political event in the financial district.

Gas prices have been rising for weeks due to the conflict and in anticipation of potential sanctions on the Russian energy sector.

The US national average for a gallon of gasoline soared 45 cents a gallon in the past week and topped $4.06 on Monday, according to auto club American Automobile Association (AAA).

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