The US is set to ban Russian oil, natural gas, and coal imports, reports say
President Biden will announce this morning that the US is banning the import of Russian oil.
S E E D E D C O N T E N T
The US is set to ban Russian oil, natural gas, and coal imports, reports say
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- The US is set to ban Russian energy imports, sources told Bloomberg.
- This would include imports of Russian oil, liquefied natural gas, and coal, the sources said.
- The White House's announcement could come as soon as Tuesday, per Bloomberg.
The US is set to ban Russian energy imports, multiple news outlets reported on Tuesday, citing sources familiar with the matter.
This would include imports of Russian oil, liquefied natural gas, and coal, two sources who requested anonymity told Bloomberg , who first reported on news of the ban.
The publication reported that the White House could make the announcement on Tuesday.
The White House made the decision following discussions with European allies, but that these countries would not join at this time, according to the report.
In comparison to Europe, the US has little reliance on Russian energy supplies.
Secretary of State Antony Blinken told NBC Sunday that the US was in "very active discussions" with Europe about banning the import of Russian oil. Press Secretary Jen Psaki said Monday that President Joe Biden had talked to "a number of his European partners" that morning about a potential ban on Russian gas imports, but that "no decision" had yet been made.
International governments have imposed massive sanctions on Russia, aimed at bringing the country's economy to its knees and cutting off funding for its military. Measures already taken have included blocking transactions from Russia's central bank and barring some banks from using SWIFT for communications about cross-border transactions, but stopped short at cutting off gas and oil imports.
The West in particular has been hesitant to stop imports from Russia because they would need to find other sources and prices could soar. The European Union gets around 40% of its natural gas from Russia, which has the world's largest reserves . Russia is also the world's third-biggest oil producer , accounting for about 12% of global oil production.
Russian deputy prime minister Alexander Novak said on state television Monday that a ban on Russian oil would lead to "catastrophic consequences" for the global market and cause oil to surge to $300 per barrel "if not more."
This is a developing story...
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Now that the right will get what they wanted, they will need something new to bitch at Biden about. I have faith they will think of something though.
There's a lot about Biden to bitch about