On Tuesday, President Joe Biden ordered an immediate ban on Russian oil imports in response to Vladimir Putin‘s attack on Ukraine. The huge decision, in response to the demands of Ukraine’s leader, pushed the U.S. out front as Western nations attempt to stop Russia‘s invasion, a report said.
Americans are going to feel the pain at the pump as well, Biden admitted, declaring that “Defending freedom is going to cost.”
Exports of energy have maintained steady cash flow to Russia despite the severe restrictions placed on its financial sector.
The announcement was the most recent attempt of the U.S. government to block Russia from the global economy and ensure that the Ukraine invasion will be a loss for Putin even if he takes over the territory.
The oil sanctions issue has conflicted the president between political interests at home and attempts to impose costs on Russia. Although Russian oil comprises a small percentage of U.S. imports, Biden has indicated that he was reluctant to bar it, reducing the supply here and pushing gasoline prices up.
The White House said the ban on new purchases was in effect immediately. However, the administration will allow a 45-day “wind-down” for continuous delivery under contracts in place.
This story originally appeared on the Associated Press News.
The decisive U.S. ban on Russian oil imports is a resolute move by President Biden to stand against Russia’s invasion of Ukraine. It’s evident that defending freedom comes with a cost, and Americans will feel it at the gas pump. The decision to cut off a significant revenue source for Russia is essential. I believe President Biden’s call for a $10 billion aid package for Ukraine and coordination with European allies to isolate Russia economically and diplomatically underscores the powerful stance against the crisis.