Biden Bans Russia Oil Imports to US, Warns of Higher Gasoline Prices

“We’re banning all imports of Russian oil and gas energy,” Biden told reporters at the White House. “That means Russian oil will no longer be acceptable in U.S. ports.”

Trevor Hunnicutt, Steve Holland and Andrea Shalal, Reuters
Biden Bans Russia Oil Imports to US, Warns of Higher Gasoline Prices

Biden also warned U.S. gas companies against exploiting the situation to engage in profiteering or price gouging. (Source: Shutterstock.com)

U.S. President Joe Biden announced a ban on Russian oil and other energy imports on March 8 in retaliation for the invasion of Ukraine, underscoring strong bipartisan support for a move that he acknowledged would drive up U.S. energy prices.

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

Oil prices jumped on the news, with Benchmark Brent crude for May climbing by 5.4% to $129.91 a barrel by 1345 GMT.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access