October 2, 2022

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US bans Russian oil and gas imports Economy | D.W.

US President Joe Biden today (03.08.2022) announced that the United States will ban oil and gas imports from Russia due to the invasion of Ukraine. “Russian oil is not acceptable in US ports,” Biden said in a White House speech, aimed at dealing with “another blow” to President Vladimir Putin.

The decision was made “in close coordination” with US allies, he said. “We will not help finance Putin’s war.” In fact, the United Kingdom also announced that it would stop importing Russian oil and oil derivatives by the end of 2022. At the moment, however, Europe is refusing to impose a ban on these Russian imports, which account for 40% of its oil needs. Natural gas and 30% oil.

“We can make this decision, others can’t,” Biden explained. “But we are working closely with Europe and our allies to put in place a long – term strategy to reduce Russia’s dependence on energy.” “The United States produces more crude oil domestically than any other European country,” he said.

“We are working together to increase pressure on Putin and his war machine,” he said. Russian oil accounts for only 8% of US imports and 4% of petroleum consumption, which Russia does not import.

Biden added that Russia could never control the whole of Ukraine. “Russia can continue to advance at a terrible price, but it is already clear: Ukraine will not be a victory for Putin,” he said. He further added that “Putin can capture a city, but he can never control it.”

lgc (afp / efe)