Oil Prices Jump As Biden Announces Full Ban On Russian Energy Imports

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The United States announced a ban on imports of Russian energy products, including Russian oil, liquefied natural gas, and coal. US allies in Europe that heavily rely on Russian energy imports are not participating in the ban. Russia warned on Monday that an energy embargo on Moscow would have ‚Äúcatastrophic consequences for the global market,” and that poil prices could jump to $300 per barrel.
  • U.S. President Biden announced a ban on imports of Russian energy without the participation of European allies.
  • The ban includes not only Russian oil, but also coal and liquefied natural gas.
  • Russia warned on Monday that an energy embargo on Moscow would have ‚Äúcatastrophic consequences for the global market,‚ÄĚ.

The United States announced a ban on imports of Russian energy products on Tuesday, without the participation of the allies in Europe.

The ban includes not only Russian oil, but also coal and liquefied natural gas (LNG), Bloomberg’s sources said, speaking on the condition of anonymity.

‚ÄúToday, I‚Äôm announcing the United States is targeting the main artery of Russia‚Äôs economy. We‚Äôre banning all imports of Russian oil and gas and energy. That means Russian oil will no longer be acceptable at U.S. ports and the American people will deal another powerful blow to Putin‚Äôs war machine,‚ÄĚ President Biden said in a White House announcement on Tuesday.

The President stressed that while the decision was made in close consultation with its European allies, he understood not every ally would be in a position to join the United States in sanctioning Russia’s energy supplies.

On Monday, reports emerged that the United States was considering banning imports of Russian oil without the participation of its European allies, at least at an initial stage of putting further pressure on Putin’s largest source of revenues.

The Western allies have refrained so far from imposing sanctions on Russia’s energy exports amid concerns about creating shortages in the oil market. Europe is much more dependent on Russian oil than the United States.

Europe‚ÄĒmost notably German Chancellor Olaf Scholz‚ÄĒsaid on Monday that it was not on board with banning imports of oil and gas from Russia.

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Jon Nellis
Jon Nellis
3 months ago

Are people ever going to wake up to the facts. Even your most beloved sitcom ran its course because the script became derivative. This script the collectivist oligarchy has been implementing since Darwin aided and enabled their elitist puke has not changed one bit. Competition is healthy it breeds ingenuity. Cooperation is necessary it ensures survival as the seminal requirement for society. However scarcity and abundance are limited only by your motivation and values. Sure there are natural calamities they may influence the availability of food sources. Yet they pass with time and are assuaged with adaptability. Everything beyond food… Read more »

Ragnar D.
Ragnar D.
3 months ago

It looks like fewer as and fewer nations are standing in solidarity with globalist puppet Biden and his Russia sanctions which are designed to harm the U.S. more than Russia. Our enemies now are clearly inside the gates. This is better in the sense that more people now can see who they truly are, but it’s going to be a very ugly process to neutralize and expel them.