Biden Set to Ban U.S. Imports of Russian Oil as Soon as Today via /r/wallstreetbets


Biden Set to Ban U.S. Imports of Russian Oil as Soon as Today

https://www.bloomberg.com/news/articles/2022-03-08/biden-set-to-ban-u-s-imports-of-russian-oil-as-soon-as-today

The Biden administration is poised to impose a ban on U.S. imports of Russian energy as soon as Tuesday without the participation of its European allies, according to people familiar with the matter.

The ban will include Russian oil, liquefied natural gas and coal, according to two people, who spoke on condition of anonymity. The decision was made in consultation with European allies, who rely more heavily than the U.S. on Russian energy, another person said.

The people spoke on condition of anonymity ahead of the announcement owing to its sensitivity. Spokespeople for the White House National Security Council declined to immediately comment.

Russia’s gas and oil had so far been mostly spared from sanctions introduced by the U.S. and European countries, due to concern over the economic impact, particularly on Europe, which has greater dependence on Russian oil and, in particular, natural gas. Canada has announced a ban on Russian crude oil.

Russian oil made up about 3% of all the crude shipments that arrived in the U.S. last year, U.S. Energy Information Administration data show. Overall, imports of Russian oil and petroleum products represented about 8% of the U.S. total. U.S. imports of Russian crude in 2022 have dropped to the slowest annual pace since 2017, according to the intelligence firm Kpler.

Submitted March 08, 2022 at 02:39PM by Jozoman
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