JUST IN: President Joe Biden is expected to announce the U.S. is banning imports of Russian oil, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine, sources familiar with the matter tell NBC News.
Published 50 mins agoPresident Joe Biden is expected to announce the U.S. is banning imports of Russian oil, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine, two sources familiar with the matter told NBC News.
The move follows pleas by Ukrainian President Volodymyr Zelenskyy to U.S. 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.
"Fossil fuels make us all vulnerable...to these geopolitical crises and shocks," says Selwin Hart, the Special Adviser to the U.N. Secretary-General focusing on climate. With the Russian invasion of Ukraine causing a stir in the energy market, it's time to transition more rapidly into renewable energy, Hart says. He talked more about the world's energy future and the U.N. IPCC report on climate change, which warns of worsening natural disasters caused by emissions.