8th March, 2022
U.S. President Joe Biden was expected to announce a ban on Russian oil on Tuesday, according to multiple reports.
The White House said Biden was scheduled to announce unspecified actions against Russia over its Feb. 24 invasion of Ukraine, in remarks at 10:45 a.m. (1545 GMT) on Tuesday.
Russia is the world’s biggest exporter of oil and natural gas, and until now its energy exports had been exempted from international sanctions.
Although the United States is not a leading buyer of Russian oil, its allies are likely to come under pressure to also wean their economies off Russian energy.
Two people familiar with the matter had told Reuters on Monday that Washington was willing to move ahead with the ban without allies in Europe.
A reporter for Politico said Britain was expected to announce steps on Tuesday to reduce dependency on Russian energy.
The U.S. announcement will intensify the impact of the war on a global economy already suffering supply shortages and price surges as it lurches out of the pandemic crisis.
In the United States, gas pump prices have already hit a record since Russia launched the invasion, worsening inflation that was already at 40 year highs.
U.S. Senator Chris Coons, a Democrat, said the administration was coordinating with European allies “and making sure that we’ve done the groundwork to understand how to effectively implement a ban on Russian energy.”
“We are going to see increased gas prices here in the United States. In Europe, they will see dramatic increases in prices.
“That’s the cost of standing up for freedom and standing alongside the Ukrainian people, but it’s going to cost us,” Coons told CNN.