Biden to announce ban on Russian oil imports: Source
Written by ABC Audio All Rights Reserved on March 8, 2022
(WASHINGTON) — President Joe Biden will announce as early as Tuesday that the U.S. will ban imports of Russian oil, a source told ABC News Chief White House Correspondent Cecilia Vega.
The White House said Tuesday morning that Biden has added a 10:45 a.m. event to his schedule about “actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine” but did not reveal more.
He has been under pressure from both Democrats and Republicans in Congress to go forward with a ban.
The move is expected to cause gasoline prices in the U.S. to go even higher.
On Monday, top Republicans and Democrats in Congress announced they had come to a deal on bipartisan legislation that would punish Russia for its invasion of Ukraine, by banning the import of Russian oil and other energy products — as well as suspending normal trade relations with Russia and ma House vote was expected this week.
About 8% of U.S. imports of crude oil and petroleum products came from Russia last year, according to preliminary U.S. government data; 3% of U.S. oil came from Russia.
White House officials also say the impact on Russia, which sent just 1% of its oil exports to the U.S. in 2020, would not be great — especially when its oil and gas sector is already “de facto sanctioned” because of harsh restrictions on Russian banks.
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