US President Joe Biden has announced that the U.S. will ban imports of Russian oil, a major escalation in the international response to Moscow’s invasion of Ukraine..
The move came as Western-allied nations work to sever Russia from the global economy and segregate Russian President Vladimir Putin.
The United Kingdom also announced its own plans to reduce its reliance on Russian oil imports by the end of the 2022.
“Today I am announcing the United States is targeting the main artery of Russia’s economy. We’re banning all imports of Russian oil and gas and energy,” Biden said at the White House. “That means Russian oil will no longer be acceptable at U.S. ports and the American people will deal another powerful blow to Putin’s war machine.”
“This is a step we’re taking to inflict further pain on Putin,” Biden said.
The European Union earlier Tuesday morning unveiled a plan to wean itself off of Russian fossil fuels.
“We simply cannot rely on a supplier who explicitly threatens us,” European Commission President Ursula von der Leyen said in a press release.
The White House said Biden will sign an executive order banning Russian oil, liquefied natural gas and coal imports to the U.S.
The ban on new Russian oil contracts “is immediate,” a senior Biden administration official told reporters later Tuesday. In Russia, oil is it’s main export and number one source of revenue.
No new contracts will be allowed, and existing contracts for Russian oil must be removed within 45 days, the official said.
