US President Joe Biden on Tuesday imposed an immediate ban on Russian oil and other energy imports as a retaliatory step for the invasion of Ukraine.
The move will skyrocket gas prices, but American voters and legislators supported the move strongly.
“We’re banning all imports of Russian oil and gas energy,”
Biden told the press 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 Putin’s war machine,”
the US President added.
He said that Americans are in full support of Ukraine and predicted Kviy’s victory in the ongoing war.
Ban-bane: Prices skyrocket
After the announcement of the ban, oil prices rose to an all time high in the US. According to the American Automobile Association, the cost of one retail gallon of gasoline was $4.173 on Tuesday.
After his announcement, Biden signed an executive order.
A senior official told the press that although the order goes into effect immediately, buyers have 45 days to wind down their existing contracts with Russian retailers.
The official said that the move prohibits Americans from investing in the Russian energy sector.
The US has been working with NATO and the EU to decrease dependence on Russian oil.
Shortly before Biden’s announcement, the UK declared that, by the end of 2022, it would cease importing Russian oil and oil products. The official informed us that the US has consulted with allies, but has not asked.
Biden claims that the economic sanctions imposed by the West on Russia have hit hard. They won’t spare Russia until it stops the war that forced 2 million people to leave their homeland.
Biden warns big companies
As per data from the Energy Information Administration, 8% of America’s liquid fuel comes from Moscow.
Biden promised that he would do everything to help his people due to the problem brought on by “Putin’s war.”
The US President warned oil companies not to exploit the situation.
“The decision today is not without costs here at home. Putin’s war is already hurting American families at the gas pump… “I’m going to do everything I can to minimise Putin’s price hikes here at home,”
the US President said.
“Russia’s aggression is costing us all. It is not time for profiteering,”
remarked Biden, who continually criticises big U.S. corporations for unfairly increasing prices.
The democratic president presented accumulating evidence of anti-consumer behaviour by oil and gas firms in November 2021. He ordered the Federal Trade Commission to investigate possible “illegal conduct” in the market.
Edited By: Kiran Maharana
Published By: Shramana Sengupta
