US sanctions: Biden imposes import ban on Russian oil
In view of the invasion of Ukraine, the US government imposes an import ban on Russian oil. This was announced by President Biden. Great Britain also announces an end to oil imports from Russia.
In response to the Russian war of aggression against Ukraine, the United States enacted an import ban on crude oil from Russia. This was announced by US President Joe Biden in the White House. US President Joe Biden said it was a huge damper on President Vladimir Putin’s war intentions. At the same time, he prepared his compatriots for difficult times in view of the high fuel costs. Defending democracy has its price, said Biden. It was initially unclear when the import ban would apply. Biden said the measure was coordinated with European allies. But we know “that many of our European allies and partners may not be able to join us,” he added. “So we can take that step when others can’t. But we’re working closely with Europe and our partners to develop a long-term strategy that also reduces their dependence on Russian energy,” Biden said the US and the Europeans have risen to stop oil imports from Russia. Despite other severe sanctions, they continue to pour money into Putin’s war coffers. Such a step is easier for the US because it does not import Russian natural gas and is not as dependent on Russian oil as European countries. Conversely, this also means that Russia will be able to put up with a US oil embargo more easily than if the Europeans also went along with it.
About eight percent of US imports from Russia
The US recently imported around 100,000 barrels of Russian oil per day, which corresponds to around five percent of Russian exports. According to energy analysts at Rystad Energy, around eight percent of America’s imports of oil and petroleum products came from Russia last year. According to preliminary data from the US Department of Energy, there were de facto no more imports of Russian crude oil in the last week of February. Several Western energy suppliers have already cut their connections to Russia. In view of the possible domestic political consequences in the election year, however, Biden was hesitant to impose an import ban because this would make gasoline even more expensive in the USA.
Great Britain also reacted
Meanwhile, Britain has also announced that it will stop importing oil from Russia by the end of this year. This was announced by the British Minister for Economic Affairs Kwasi Kwarteng via Twitter. The move is intended to further increase the pressure on Moscow to end the war against Ukraine. “This transition phase will give the market, companies and supply chains more than enough time to replace Russian imports,” Kwarteng wrote. The share of Russian oil in UK demand is currently 8 percent, the business secretary added. Gas imports from Russia are initially not affected. However, Kwarteng announced that he would also examine options for an exit here. Russian gas accounts for just 4 percent of UK supplies, Kwarteng said.
