Amid Russia-Ukraine war, US bans Russian oil imports
Russia, the world"s third-largest producer of oil and the second-largest producer of gas, supplies about 30% of Europe"s oil and 40% of its natural gas. Whereas, the United States generally imports about 100,000 barrels a day from Russia, only about 5% of Russia’s crude oil exports, according to Rystad Energy.
Total Views |
Washington, Mar 9: Adding another sanction over Russia, United States President Joe Biden imposed a ban on the U.S import of all Russian energy products following the pleas by Ukrainian President Volodymyr Zelenskyy.
With that announcement, Russian oil will no longer be acceptable at US ports. The ban extends to purchases of Russian crude oil, certain petroleum products, liquefied natural gas, and coal. As per the US, this sanction will target the main artery of Russia's economy, as it relies on oil and gas production for more than 40% of the country's revenue.
Today's Executive Order bans importation into the U.S. of Russian crude oil and certain petroleum products, liquefied natural gas, and coal. This step will deprive Russia of billions of dollars in revenues from U.S. drivers and consumers annually.
— The White House (@WhiteHouse) March 8, 2022
Announcing the sanction while addressing the Media, Biden, "We're banning all imports of Russian oil and gas and energy. That means Russian oil will no longer be acceptable at US ports and the American people will deal another powerful blow to (President Vladimir) Putin."
Also Read | Putin Bans raw material export from Russia
Russia, the world's third-largest producer of oil and the second-largest producer of gas, supplies about 30% of Europe's oil and 40% of its natural gas.
Whereas, the United States generally imports about 100,000 barrels a day from Russia, only about 5% of Russia’s crude oil exports, according to Rystad Energy. Last year, roughly 8% of U.S. imports of oil and petroleum products came from Russia.
Gas prices have been rising for weeks due to the conflict and in anticipation of potential sanctions on the Russian energy sector. The average price for a gallon of gasoline in the U.S. hit a record $4.17 Tuesday, rising by 10 cents in one day, and up 55 cents since last week, according to the auto club.
.
.
