U.S. and U.K. move to ban on U.S. import of Russian oil today
BNN Bloomberg
The U.S. and the U.K. will impose a ban on U.S. imports of Russian energy on Tuesday without the participation of European allies, according to people familiar with the matter.
The U.S. and the U.K. will impose a ban on U.S. imports of Russian energy on Tuesday without the participation of European allies, according to people familiar with the matter.
The U.S. 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 U.K. move will be done in concert with the U.S. and the ban will be phased in over the coming months, according to the person, who requested anonymity speaking about policy that hasn’t yet been announced. The ban won’t apply to Russian gas, the person said.
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.
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.
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.
