“This decision today is not without costs here at home. Putin’s war is already hurting American families at the pump — and this will drive up costs further.”
U.S President Joe Biden on Tuesday announced that the United States would no longer allow for the importation of Russian oil, the latest sanction to punish Russia following the invasion of Ukraine.
Mr Biden, who announced the sanction from the White House, said Russian oil would no longer be accepted at U.S. ports.
The oil embargo, Mr Biden said, would target the main artery of Russia’s economy.
“The ban on Russian oil and gas has strong bipartisan support in the Congress and in the country. Americans have rallied to support the people of Ukraine and made it clear we will not be part of subsidising Putin’s war,” said the U.S. president. “This decision today is not without costs here at home. Putin’s war is already hurting American families at the pump — and this will drive up costs further.”
He added, “So, I will take every step we can to minimise Putin’s price hike here at home.”
The U.S. leader noted that in coordination with “our partners, we had already announced a collective release of 60 million barrels of oil from our Strategic Petroleum Reserves— half of that from the United States.”
According to him, steps are taken to ensure a reliable global energy supply, working with “every tool at our disposal” to protect American families and businesses.
“Let me say to the oil and gas companies and finance firms that back them: We understand that Putin’s war against the people of Ukraine is causing prices to rise,” Mr Biden admitted. “But that is no excuse for excess price increases, or padding profits, or any kind of effort to exploit this situation.”
(NAN)
