In response to Moscow’s invasion of Ukraine, US President Joe Biden ordered an embargo on US imports of Russian oil, gas, and energy on Tuesday, according to AFP. “The prohibition on Russian oil imports was determined after extensive discussions with friends,” he told AFP.
“We’re pushing forward with this ban with the awareness that many of our European allies and partners may not be able to join us,” said Trump.
“We’re executing the most comprehensive set of economic sanctions in history, and it’s wreaking havoc on Russia’s economy,” he continued. According to Bloomberg, citing sources, the UK government also declared on Tuesday that it aims to phase out all Russian oil imports as part of its latest sanctions against Vladimir Putin’s administration for the Ukraine conflict.
The move comes after Ukrainian President Volodymyr Zelenskyy pleaded with US and Western authorities to halt imports, which had been a glaring omission in the huge sanctions imposed on Russia in the aftermath of the invasion. Despite other severe constraints on Russia’s banking industry, energy exports have maintained a continuous infusion of cash flowing.
According to Rystad Energy, the United States imports roughly one lakh barrels per day from Russia, accounting for only about 5% of Russia’s crude oil exports. According to the Associated Press, Russia supplied around 8% of US oil and petroleum product imports last year.
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