Russian President Vladimir Putin didn’t “shut down” oil exports to the United States, as some viral posts claimed online. The U.S. took that action in March 2022, banning all imports of Russian oil, natural gas and coal.
By Samantha Putterman • April 18, 2023
"There is absolutely nothing factual about this claim," said Clark Williams-Derry, an energy analyst with the Institute for Energy Economics and Financial Analysis."It’s illegal for the U.S. to buy Russian oil, so there's nothing Putin can do because it's already happened. The global supply chains have already been reorganized."
Even if Putin had banned Russian oil to the U.S., it would have very little effect on the economy, Williams-Derry said. The U.S. already produces a lot of oil on its own, and it exports more of these products than it imports. A White House about the 2022 ban said that the U.S. was able to take the step because of its strong domestic energy infrastructure.in recent days, but market experts credit that largely to weak demand and economic jitters over banking. This is the opposite of what would be expected with prices if this claim were accurate.
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