BREAKING: President Joe Biden announced a ban on Russian oil and other energy imports in retaliation for the invasion of Ukraine, underscoring strong bipartisan support for a move that he acknowledged would drive up US energy prices.
despite otherwise severe restrictions on its financial sector.
President Joe Biden delivers remarks on the May jobs report on Friday, June 4, 2021, at the Rehoboth Beach Convention Center in Rehoboth Beach, Delaware. The U.S. will be acting alone, but in close consultation with European allies, who are more dependent on Russian energy supplies. Natural gas from Russia accounts for one-third of Europe’s consumption of the fossil fuel. The U.S. does not import Russian natural gas.
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."The average gas price in Florida is now at a record high. It clocks in at $4.15 a gallon – up from just 24 hours ago.
Before the invasion, Russian oil and gas made up more than a third of government revenues. Global energy prices have surged after the invasion and have continued to rise despite coordinated releases of strategic reserves, making Russian exports even more lucrative.