Joe Biden to Ban Russian Oil Imports Over Ukraine War, Says Source
President Joe Biden has decided to ban Russian oil imports, toughening the toll on Russia's economy in retaliation for its invasion of Ukraine, according to a person familiar with the matter.
Washington, Mar 8: President Joe Biden has decided to ban Russian oil imports, toughening the toll on Russia's economy in retaliation for its invasion of Ukraine, according to a person familiar with the matter.
The move follows pleas by Ukrainian President Volodmyr Zelenskyy to US and Western officials to cut off the imports, which had been a glaring omission the massive sanctions put in place on Russia over the invasion.
Also Read | Operation Ganga: India Starts Evacuation of Its Citizens from Ukraine’s Sumy to Poltava.
Energy exports have kept a steady influx of cash flowing to Russia despite otherwise severe restrictions on its financial sector.
Biden was set to announce the move as soon as Tuesday, the person said, speaking on the condition of anonymity to discuss the matter before an announcement.
Also Read | Russia-Ukraine War: Around 12,000 Russian Forces Killed Since Military Operation Started, Says Ukraine.
The White House said Biden would speak on Tuesday morning to announce “actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine.”
The US will be acting alone, but in close consultation with European allies, who are more dependent on Russian energy supplies. Natural gas from Russia accounts for one-third of Europe's consumption of the fossil fuel. The US does not import Russian natural gas.
(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)