U.S. bans Russian fuel imports

President Joe Biden has signed an Executive Order to ban the import of oil, liquefied natural gas and coal from Russia as part of the worldwide sanctions to the country’s economy after invading Ukraine.

Last Tuesday, the President of the United States, Joe Biden, signed an Executive Order to ban the import of Russian oil, liquefied natural gas and coal to the United States. The decision was made as part of the sanctions several nations of the world have authorized to pressure the Russian economy as punishment for its military operation in Ukraine’s soil.

“We’re 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’s war machine,” stated Biden in a speech from the White House.

According to the United States’ Energy Information Department, the country imported nearly 670,000 barrels of crude oil and refined petroleum products per day from Russia. This means a serious impact on the economy of the country Vladimir Putin presides over, depriving it of billions of dollars in revenues from North American drivers and consumers. On the other hand, the White House informed that Russian oil accounts for just under 10% of overall oil imports in the country.

“Putin’s war is already hurting American families at the gas pump. I’m going to do everything I can to minimize Putin’s price hike here at home,” added Biden. The Government stated that the Order also bans new U.S. investments in Russia’s energy sector and prohibits Americans from participating in foreign investments that flow into that sector in Russia.

This adds up to the impact the war in Europe had on fuel prices, majorly on gas as Russia is one of the top exporters in the world. In his speech, Biden directly addressed fuel companies and their backing finance firms to encourage them not to implement excessive price increases and acknowledged the oil and gas companies that are pulling out of Russia.