President Joe Biden of the United States of America has announced the ban on Russian oil, natural gas, and coal imports to the US.
Gatekeepers News reports that this is in response to the Russian invasion of Ukraine, a step President Biden warned could lead to a spike in gas prices at home.
In his remarks from the White House on Tuesday, Biden said, “Today I am announcing the United States is targeting the main artery of Russia’s economy. We’re banning all imports of Russian oil and gas and energy
“That means Russian oil will no longer be acceptable at US ports and the American people will deal another powerful blow to Putin’s war machine.”
Gatekeepers News earlier reported that the calls to announce the ban have been mounted on Biden since late last month when Russia’s leader Vladimir Putin ordered the invasion of Ukraine.
Although the sanctions on Russia’s oil and gas industry had once been viewed as mostly off the table as officials in the United States and Europe are worried about a global spike in prices, pressure had been growing on Biden to act, including from Ukraine’s President and American lawmakers from both parties, as Russia’s attack in Ukraine increasingly targets civilians.
In frank remarks from the White House, the US President acknowledged that the step was likely to lead to higher costs for Americans, a potent political issue that is already leading to attacks from the opposition – Republicans.
However, Biden pinned the blame for the spike on Russian President Vladimir Putin, calling it “Putin’s price hike.”
America is expected to make the move unilaterally without its European allies, due to disagreement among the European countries about whether to ban Russian energy imports. EU nations have more significant exposure to Russian energy than the US.
Just before Biden’s announcement, the United Kingdom announced that it planned to phase out Russian oil imports by the end of 2022.
Biden emphasised in his remarks that his decision will likely hurt Americans at the gas pump.
The US President said, “The decision today is not without cost here at home, Putin’s war is already hurting American families at the gas pump. Since Putin began his military build-up at Ukrainian borders, just since then, the price of gas at the pump in America went up 75 cents and with this action, it’s going to go up further. I’m going to do everything I can to minimize Putin’s price hike here at home.”
Biden further warned companies against price gouging during a time of crisis.
“To the oil and gas companies and to the finance firms that back them: We understand Putin’s war against the people of Ukraine is causing prices to rise. We get that. That’s self-evident. But, but, but, but — it’s no excuse to exercise excessive price increases or padding profits or any kind of effort to exploit this situation or American consumers, exploit them. Russia’s aggression is costing us all. And it’s no time for profiteering or price gouging,” Biden said.
After Biden’s announcement, House Speaker Nancy Pelosi in a letter to colleagues said the House would vote Tuesday on a bill to ban imports of Russian oil and energy products.
Pelosi noted the bill would take steps to review Russia’s access to the World Trade Organisation “and explore how we can further diminish Russia in the global economy,” and “reauthorise and strengthen the Global Magnitsky Human Rights Accountability Act so that the United States can impose further sanctions on Russia.”
She said, “Today, President Biden again demonstrated America’s strength and determination to hold Putin accountable for his premeditated, unprovoked war against Ukraine,” Pelosi wrote in the letter. “The Congress commends the President for announcing action to stop the import of Russian energy products into the United States — which we will support by passing strong, bipartisan legislation to that effect today.”
