BREAKING: President Biden announces the U.S. will ban all imports of Russian oil, gas and energy. 'That means Russian oil will no longer be accepted at U.S. ports.' Live video:
Published 3 hours agoPresident Joe Biden announced Tuesday the U.S. is banning imports of Russian oil, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine.
"That means Russian oil will no longer be acceptable at U.S. ports and the American people will deal another powerful blow to Putin," Biden said in announcing the latest sanctions. 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.The U.S. will be acting alone, but in close consultation with European allies, who are more dependent on Russian energy supplies.
"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.
Still, any curbs on Russian oil exports would send already skyrocketing oil and gasoline prices ever higher on both continents and further squeeze consumers, businesses, financial markets and the global economy.
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