03/08/2022

Biden Bans Russia Oil Imports to U.S.

He warned U.S. gasoline prices will rise further

Today, President Joe Biden announced a ban on Russian oil and other energy imports in retaliation for the invasion of Ukraine, underscoring strong bipartisan support for a move that he acknowledged would drive up U.S. energy prices.

"We're banning all imports of Russian oil and gas energy," Biden told reporters at the White House. "That means Russian oil will no longer be acceptable in U.S. ports and the American people will deal another powerful blow to [Russian President Vladimir] Putin's war machine."

Oil prices jumped on the news, with Benchmark Brent crude LCOc1 for May climbing by 5.4 percent to $129.91 a barrel by 1345 GMT.

Please select this link to read the complete article from Reuters.