U.S. bans imports of Russian oil, LNG, coal

On March 8, U.S. President Biden announced an immediate ban on all imports of Russian oil and gas and energy, the main artery of Russia’s economy.  From now on, Russian energy products will no longer be acceptable at all U.S. ports.  The U.S. is also working with Europe to develop a long-term strategy to reduce their dependence on Russian energy as well.

Biden said this move is going to cost the U.S. economically and financially.  However, he stressed that there is strong bipartisan support in the Congress and among the people in the country.

A senior administration official elaborated that the “ban blocks any new purchases of Russian crude oil and certain petroleum products, liquefied natural gas, and coal, and winds downs the deliveries of existing purchases that have already been contracted for.  

“It also bans new U.S. investment in Russia’s energy sector, which will ensure that American companies and American investors are not underwriting Putin’s efforts to expand energy production inside of Russia.

“And finally, Americans will be prohibited from participating in foreign investments that flow into Russia’s energy sector.”

Biden condemned “Russia’s vicious war of choice”, and said that Russia’s President Putin, by starting this unprovoked and needless war against Ukraine, has “caused enormous suffering and needless loss of life of women, children, everyone in Ukraine — both Ukraine and, I might add, Russians.  

“Ukrainian leaders, as well as leaders around the world, have repeatedly called for a ceasefire, for humanitarian relief, for real diplomacy.  But Putin seems determined to continue on his murderous path no matter the cost. 

“Putin is now targeting cities and has been targeting cities and civilians — schools, hospitals, apartment buildings.

“Last week, he attacked the largest nuclear power plant in Europe, with an apparent disregard for the potential of triggering a nuclear meltdown. 

“He has already turned 2 million Ukrainians into refugees.”

Photo credit: iStock/ AmyLaughinghouse

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