President Joe Biden announced Tuesday that imports of Russian oil will be halted as part of the increasing economic sanctions against Moscow.
“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. “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.”
Russian sources accounted for about 8% of the U.S. imports of oil and refined products in 2021.
President Biden acknowledged the ban will make energy prices higher while also warning against companies who use the opportunity to profit from price gouging.
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