Biden Announces US Ban On Russian Energy Imports

As market participants expected, in a public address from the White House, US President Joe Biden announced US ban on all Russian imports including oil and gas.

Biden’s decision was made in consultation with the US’s Western allies, Biden added, noting that he understood that many European allies that don’t produce so much energy are not able to join the US.

Biden said the US and its allies remain united in efforts to put pressure on Russian President Vladimir Putin to end his war in Ukraine.

There will be cost for these measures in the US, Biden said, but both the Republicans and Democrats agree we must do this.

The US will share in the responsibility of caring for refugees from Ukraine. Putin’s war will hurt American families at the gas pump, Biden noted, saying that gasoline prices will go up further with this move.

Biden called on oil firms not to engage in excessive price gauging. Biden also mentioned that the current crisis is a reminder that the US must be energy independent and added that it should also motivate us to accelerate the move to cleaner energy. The transition to clean energy will eventually serve to lower energy costs, Biden noted.