Biden said the ban means Russian oil will not be accepted at US ports.
In addition to oil, the ban includes gas, other oil products and coal. The White House states that this also applies to new American investments in the Russian energy sector.
“We will increase the pressure on Putin and his war machine,” Biden said of the introduction.
It is the first Western sanctions against Russia that directly affect the country’s largest exports, oil and gas.
Biden said that the sanctions that have previously been introduced have cost the Russian economy.
– The ruble has fallen. We have cut Russia’s access to technology, which will weaken the military for many years, he said.
Ukrainian President Volodymyr Zelenskyj has called on Western countries to impose more sanctions on these industries.
Photo: AP
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Says it will cost
The import ban will apparently lead to an increase in the price of oil. It is already at $ 130 a barrel, the highest in 14 years.
“Putin’s war has already hit us, gas prices have gone up, and with this they will go up more,” Biden said.
He nevertheless said that there was broad political support for the import ban.
“It will cost us, we understand that, both Republicans and Democrats,” Biden said.
At the same time, the president urged the oil companies not to take advantage of the situation to increase revenues.
– Let me say this to the oil companies; “We understand that Putin’s war is costly, but there is no excuse for taking advantage of the situation,” Biden said.
3 percent of imports
According to Al Jazeera Russian oil makes up a small part of the oil the United States imports.
Last year, the United States imported 209,000 barrels of oil per day from Russia. This was the highest figure in several years, but accounted for around 3 per cent of total imports.
In addition to the 209,000 barrels of oil, the United States also imported the equivalent of 500,000 barrels per day of other oil products. In total, Russian oil products thus account for around 8 per cent of US total imports.
The UK is following suit
Britain follows in the footsteps of the United States and will stop buying Russian oil. This applies to both crude oil and other oil products.
The British will phase out purchases during the year, so that the world market does not become too unstable.
The British government will set up a working group to help oil companies find other oil sources.
Thought the oil price could reach $ 300
On Monday, Russia’s Deputy Prime Minister Alexander Novak said a ban on Russian oil would have catastrophic consequences for the global oil market.
– The rise in prices will be unpredictable – more than 300 dollars a barrel, if not more, Novak told Russian news agencies.
The Norwegian analysis company Rystad Energy does not take it very seriously, but says on Tuesday that the price can reach 200 dollars a barrel.
At 15.00 on Tuesday, the price of North Sea oil was 130 dollars a barrel.
The EU will cut the need for Russian gas
In contrast to the United States, several EU countries are far more dependent on Russian gas in their energy supply. Biden also showed understanding for this.
– We are moving forward with this knowing that European countries may not have the opportunity to join us in this, Biden said.
On Tuesday, the European Commission presented a plan that will make Europe independent of Russian oil and gas by 2030. Two thirds of the demand for Russian gas will be cut by the new year.
The plan is launched to ensure cheaper, more secure and more sustainable energy for Europe in the uncertain security situation following Russia’s invasion of Ukraine – and in the face of climate change.
Energy prices were high even before the war in Ukraine began on 24 February. After the invasion, the prices of both oil and gas have skyrocketed.
The European Commission’s plan, dubbed “REPowerEU”, is mainly aimed at diversifying the EU’s gas purchases, accelerating plans to roll out renewable energy and replacing gas as a fuel for heating and power plants.
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