Announces Ban On Russian Oil Imports, President Biden Warns Petrol Price Increase Will Continue

Illustration of a gas station in the United States. (Wikimedia Commons/Coolcaesar)

JAKARTA - United States President Joe Biden announced a ban on imports of Russian oil and other energy on Tuesday in retaliation for the invasion of Ukraine, underscoring strong bipartisan support for a move he admits would raise US energy prices.

"We are banning all imports of Russian oil and gas energy," Biden told reporters at the White House.

"That means Russian oil will no longer be accepted in US ports and the American people will deal another powerful blow to (Russian President Vladimir) Putin's war machine," President Biden said.

Oil prices jumped on the news, with Benchmark Brent crude LCOc1 for May up 5.4 percent to $129.91 a barrel as of 13:45 GMT.

President Biden has worked with allies in Europe, which are far more dependent on Russian oil, to isolate Russia's energy-dense economy and Putin. Britain announced shortly before President Biden's statement. they will stop imports of Russian oil and oil products by the end of 2022.

Furthermore, President Biden said sanctions imposed by the United States and its allies had caused the Russian economy to 'crack'. He said the latest move had been made in close consultation with allies and partners around the world.

The United States imported an average of more than 20.4 million barrels of crude oil and refined products per month from Russia in 2021, about 8 percent of U.S. liquid fuel imports, according to the Energy Information Administration.

The ban is expected to send already high gasoline prices up and inflation soaring. The United States also imports small amounts of coal from Russia.

President Biden expects prices to rise further as a result of the "Putin war," but vows to do all he can to minimize the impact on the American people. He also warned US gas companies not to exploit the situation to engage in profiteering or price fraud.

Meanwhile US Senator Chris Coons said the administration was coordinating with European allies "and making sure that we are doing the basic work to understand how to effectively implement the Russian energy ban."

"We're going to see a rise in gas prices here in the United States. In Europe, they're going to see a dramatic price increase. It's a cost to stand up for freedom and stand by the Ukrainian people, but it will cost us," Coons told CNN.

The White House has been coordinating with US congressional leaders working on fast-track bipartisan legislation to ban Russian imports, but a ban on Russian imports would make such a bill moot.

Republican lawmakers took to social media to welcome the decision, while criticizing President Biden's green energy policies, calling on the government to support more domestic oil and gas production.

Meanwhile, US House of Representatives member Susan Wild said Americans need to recognize the greater sacrifices needed.

"Clearly no one wants to pay more for gas," said Wild, a Democrat on the US House Foreign Affairs Committee on MSNBC.

To note, in announcing that it will halt imports of Russian oil and oil products by the end of 2022, the UK said it would give markets and businesses more than enough time to find alternatives to imports, which make up 8 percent of demand.

"The government will also be working with companies through the new Petroleum Task Force to support them to take advantage of this period in finding alternative supplies," said UK Business and Energy Secretary Kwasi Kwarteng.