NorthAmOil: US bans imports of Russian oil and gas

US President Joe Biden announced on March 8 that his country was banning imports of Russian oil and gas, as well as coal. This comes as the US tightens its sanctions against Russia in response to Moscow’s invasion of Ukraine.
In a statement, the White House described the move as a “a significant action with widespread bipartisan support that will further deprive President Putin of the economic resources he uses to continue his needless war of choice”. The US made the decision in consultation with global allies, as well as members of Congress from both parties, the statement continued.
According to the US Energy Information Administration (EIA), US imports of Russian crude and refined products averaged roughly 20.4mn barrels per month, or 8% of total liquid fuel imports, over the course of 2021. The US is not as exposed to Russian oil and gas as European countries, but nonetheless, Biden’s decision is expected to have far-reaching impacts, including putting more upward pressure on domestic gasoline prices.
The ban follows days of debate – domestically and internationally – over the merits of a potential embargo on Russian crude. Countries including Germany have resisted a full international embargo on fears over the impact such a move would have in Europe, which is much more heavily dependent on Russian oil.
“We’re moving forward this ban understanding that many of our European allies and partners may not be in a position to join us,” Biden stated. “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.”