General Discussion

JohnSJ

(92,176 posts) Tue Mar 8, 2022, 11:36 AM Mar 2022

President Biden is expected to announce a ban on Russian oil imports because of Ukraine

https://www.yahoo.com/news/ap-source-biden-ban-russian-133936536.html

Saudi Arabia, Venezuela, and Iran are the countries that are best poised to help with any oil shortfall from Russia, but what consumers can do is use less gasoline except for essential activities.

Associated Press
AP Source: Biden to ban Russian oil imports over Ukraine war
ZEKE MILLER, MIKE BALSAMO and JOSH BOAK
Tue, March 8, 2022, 5:39 AM·5 min read

"WASHINGTON (AP) — President Joe Biden has decided to ban Russian oil imports, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine, according to a person familiar with the matter.

The move follows pleas by Ukrainian President Volodymyr Zelenskyy to U.S. and Western officials to cut off the imports, which had been a glaring omission in the massive sanctions put in place on Russia over the invasion. Energy exports have kept a steady stream of cash flowing to Russia despite otherwise severe restrictions on its financial sector.

The White House said Biden would announce on Tuesday “actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine.”

The U.S. will be acting alone, but in close consultation with European allies, who are more dependent on Russian energy supplies. The European Union this week will commit to phasing out its reliance on Russia for energy needs as soon as possible, but filling the void without crippling EU economies will likely take some time. Natural gas from Russia accounts for one-third of Europe’s consumption of the fossil fuel. The U.S. does not import Russian natural gas."