President Biden announced a ban on U.S. imports of Russian oil and gas — the latest move to try to punish Moscow for invading Ukraine. | via NPR
Protesters in Boston call for a ban on Russian oil at a rally for Ukraine on March 6.President Biden on Tuesday announced a ban on U.S. imports of Russian oil and gas — the latest move to try to punish Moscow for invading Ukraine.
Already, the cost to fuel up has spiked since the early days of Russia's invasion of Ukraine, leading to"Defending freedom is going to cost. It's going to cost us as well in the United States," Biden said. Until now, Washington had worked in lockstep with European allies to carve out exceptions to its banking sanctions for energy transactions, recognizing the potential for disruptions to hike prices for consumers.
The White House had initially resisted the move, saying it was trying to avoid actions that would reduce global energy supplies or push up prices for Western consumers even more."We don't have a strategic interest in reducing the global supply of energy," White House press secretary Jen Psaki told reporters last week.
Oil prices hit a 14-year high on Monday ahead of the announcement, and U.S. gasoline prices have now hit a record.Even before Russia invaded Ukraine, inflation — at its highest level in decades — had become the top issue on the minds of voters ahead of elections this November that will determine whether Democrats hold on to their narrow majority in Congress.
Biden had strong words for oil and gas companies, as well as the financial firms backing them, saying that while energy prices will rise with the ban is"no excuse to exercise excessive price increases or padding profits."