President Biden announces U.S. ban on Russian Oil

Britain says it will join the U.S. in taking actions against Russian oil, with the country’s business secretary vowing oil and oil products will be completely phased out by the end of the year.

President Joe Biden has announced that the U.S. is “targeting the main artery of Russia’s economy” by banning imports of Russian oil.  It’s the latest sanction intended to punish Moscow for its invasion of Ukraine.

“We will not be part of subsidizing Putin’s war,” he said in the Roosevelt Room at the White House.

“Defending freedom is going to cost.  It’s going to cost us as well in the United States.” — President Biden

Biden’s announcement comes amid rising pressure from Democrats and Republicans, and it reflects a willingness to accept the political risk of rising gas prices to economically retaliate against Russia.

“Defending freedom is going to cost,” Biden said. “It’s going to cost us as well in the United States.”

Although Biden has tried to work in concert with European allies, including Britain, he acknowledged that many are not announcing a similar ban because they’re more reliant on Moscow for oil and gas.

“So we can take this step when others can not,” he said. “But we’re working closely with Europe and our partners to develop a long term strategy to reduce their dependence on Russian energy as well.”

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