Biden set to announce ban on U.S. import of Russian oil today
BNN Bloomberg
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 Biden administration will impose a ban on U.S. imports of Russian energy on 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.
The White House announced Tuesday that President Joe Biden “will announce actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine,” though didn’t specify the measures. He’s due to speak at 10:45 a.m. in Washington.
Crude oil futures extended gains on the news, rising 4 per cent to US$124.21 at 8:19 a.m. in New York. The prospect of an oil import ban is helping drive crude to its highest levels since 2008.
The accelerated move comes as Congress had been getting ready to take action this week ahead of the White House. That put pressure on the Biden administration to move more quickly.
