What a U.S. ban on Russian oil would mean for Americans
CBSN
With the attack on Ukraine causing the gravest humanitarian crisis on European soil since World War 2, the U.S. is taking aim at the heart of the Russian economy: its energy sector. Secretary of State Antony Blinken said on Sunday the Biden administration is in "very active discussions" about barring Russian oil imports in the U.S., while a bipartisan group of senators has also called for a ban.
Oleg Ustenko, an economic advisor to Ukraine's president, this weekend penned an op-ed pleading with the world to cut off what he denounced as Russia's "blood oil," which supplies nearly $1 billion a day to the government and which he said is financing the war in Ukraine. "Buy nothing from Russia," he wrote.
As such pleas resonate on Capitol Hill, analysts with Goldman Sachs said Monday that a vote in Congress on banning imports of Russian crude would likely pass with "fairly broad support."
