Petrobarometer

US bans imports of Russian oil, coal amid Ukraine invasion

Author:
Bunmi Aduloju

The United States has banned the importation of coal, gas and oil from Russia amid the invasion of Ukraine.

Signing an executive order on Tuesday, President Joe Biden announced that the US would be cutting off imports from Ukraine as further sanctions on Russia. 

The US and its western allies had imposed several sanctions on Russia’s vast sectors to deprive the country of income. 

Last month, they removed “selected” Russian banks from the SWIFT international payment system.

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Several oil majors had also announced plans to exit Russia over the invasion of Ukraine and the Western sanctions. 

Oil price surged to $130 a barrel triggered by a potential US and European ban on Russian oil imports.

“We’re banning all imports of Russian oil and gas and energy. That means Russian oil will no longer be acceptable at US ports, and the American people will deal another powerful blow to Putin’s war machine,” Biden told reporters.

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“We can take this step when others cannot, but we’re working closely with Europe and our partners to develop a long-term strategy to reduce their dependence on Russian energy, as well.”

In a statement, the White House said the ban includes “the importation into the United States of Russian crude oil and certain petroleum products, liquefied natural gas, and coal. 

Last year, the US imported nearly 700,000 barrels per day of crude oil and refined petroleum products from Russia, and this step will deprive Putin of billions of dollars in revenues.

“New US investment in Russia’s energy sector, which will ensure that American companies and American investors are not underwriting Vladimir Putin’s efforts to expand energy production inside Russia,” the statement reads.

 “Americans will also be prohibited from financing or enabling foreign companies that are investing to produce energy in Russia.”

On the side, Britain said it would phase out imports of Russian oil by the end of 2022 and consider banning its natural gas. 

Vladimir Putin had said the sanctions imposed on Russia by western countries over the invasion of Ukraine are like a declaration of war.

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