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Ban covers all US imports of Russian oil, liquefied natural gas and coal in retaliation for the invasion of Ukraine
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He says Russia reeling from “the most significant package of economic sanctions in history”
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Oil firms and businesses won’t be tolerated for profiteering and price gouging, the US President warns
US President Joe Biden announced on March 8 a total ban on imports of Russian oil, liquefied natural gas and coal in retaliation for Moscow’s nearly two-week-old invasion of Ukraine.
Biden announced the major trade action to reporters at the White House two weeks after Russian President Vladimir Putin ordered his forces into Ukraine on a “special military operation.”
The US leader imposed the ban in response to pleas from Ukrainian leader, Volodymyr Zelenskyy, for more action from the West to halt the Russian offensive that began on Feb 24.
“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 Putin’s war machine,” Biden said.
Biden said the action will cause pain to Americans as well, but that he has the support of both Republicans and Democrats in Congress to force Putin to end the aggression.
He said he “will do everything to minimize Putin’s price hikes here at home,” alluding to rising petrol prices amid Russia’s threat energy supplies to Europe in retaliation for sanctions they imposed when the invasion began.
The United States is coordinating with its partners the release of 60 million barrels of oil from their joint reserves, with 30 million barrels coming from America.
He said he also has the support of US allies in NATO and in other countries for his action.
“We made this decision in close consultation with our Allies and our partners around the world, particularly in Europe, because a united response to Putin’s aggression has been my overriding focus, to keep all NATO and all of the EU and our allies totally united,” he said.
“We are enforcing the most significant package of economic sanctions in history, and it’s causing significant damage to Russia’s economy,” Biden said.
Other sanctions the US and its allies announced days earlier included cut Russia’s largest banks from the international financial system, crippling that country’s ability to do business with the rest of the world.
Biden said major companies are pulling out of Russia entirely on their own, and he cited Visa, Mastercard, and American Express, which joined a growing list of US and global companies such as Ford, Apple and Nike in suspending their operations in Russia.
The US has given US$1 billion in security assistance to Ukraine and has been providing humanitarian support for the Ukrainian people, with “tens of thousands of tons of food and water on the way.”
The President warned oil firms not to exploit the situation by raising prices. “Russia’s aggression is costing us all, and it’s no time for profiteering or price gouging. I want to be clear about what we’ll not tolerate,” he said.
But he also praised the oil and gas companies that are pulling out of Russia and joining other businesses in quitting that country.
“Ukraine will never be a victory for Putin…(he) may be able to take a city, but he’ll never be able to hold the country,” Biden said, as she called on Congress to pass a US$12 billion Ukraine assistance package that he had proposed lately.
