US President Joe Biden imposed on Tuesday a ban on Russian energy imports, including oil and gas, ratcheting up the pressure on Moscow in reaction to the invasion of Ukraine.
The decision comes as Western allies try to cut Russia off from the global economy and punish Russian President Vladimir Putin.
In a letter from the White House, Biden stated, “We are prohibiting all imports of Russian oil, gas, and energy.
This means that Russian oil will no longer be recognized at US ports, and the American people will strike back at Putin’s war machine in a major way.
“We’re taking this step to inflict additional misery on Putin,” Biden said.
Biden stated that the decision to limit Russian oil shipments was made in consultation with several allies. He spoke to the Americans, warning that the Russian oil blockade will raise fuel costs.
Before Biden’s address, the UK announced its limitations on buying Russian oil imports, stating that it will phase out the country’s imports by the end of the year.
The EU presented a plan to wean itself off Russian fossil fuels on Tuesday morning.
The UK revealed intentions to phase down its reliance on Russian oil imports by the end of the year, while the EU announced a plan to wean itself off Russian fossil fuels earlier that morning.
Brent crude rose beyond $132 a barrel after Biden declared a suspension on all Russian oil imports.
Putin’s actions sparked a global outcry, with dozens of countries slapping punitive sanctions on the Kremlin, wealthy individuals, and even Putin himself.
The Russian ruble dropped in value, and the stock market closed, as a rising number of businesses left from the nation.
Shell Company, for example, has committed to suspend all purchases of Russian crude oil and close its service facilities in the country immediately.
The news of a ban on Russian oil shipments sent US gas prices to an all-time high.
On Tuesday, the price of a gallon of ordinary gas hit a new high of $4,173. In July of 2008, the previous high was $4,114.