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US Bans Russian Oil, Gas, As UK Moves To Eliminate Russian Oil From Its Markets

The United States of America has banned the importation of Russian oil as part of the measures to punish Russia over its invasion of Ukraine. The ban will also be applied to Russian liquefied natural gas and coal.

The ban was announced today, March 8 by President Joseph.

The ban is part of Washington’s strategy to try to freeze the world’s second-largest energy exporter out of global markets and isolate Moscow economically for its military offensive in Ukraine.

Report has it that oil prices surged past $130 per barrel on Tuesday.

The United Kingdom also said that  it would begin phasing out the importation of Russian oil and oil products, with the goal of eliminating them from British markets by the end of 2022.

A French official said the European Union, which relies more heavily on Russian energy, is not expected to join the U.S. and the U.K.

In December, Russian oil accounted for less than 5% of total U.S. oil imports, making the U.S. far less dependent on Russian energy than its European counterparts.

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“The decision today is not without cost here at home,” Mr. Biden said Tuesday. “Putin’s war is already hurting Americans at the gas pump. Since Putin began his military buildup on Ukrainian borders, just since then, the price at the gas 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.”

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