# Biden bans Russia oil imports to U.S., warns U.S. gasoline prices will rise further Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-03-08 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Biden announces ban on Russian oil imports in retaliation Meta Description: President Biden declared a ban on Russian energy imports as a response to the invasion of Ukraine, driving up U.S. energy prices in a bipartisan show of support. URL: https://financedigest.com/biden-bans-russia-oil-imports-to-u-s-warns-u-s-gasoline-prices-will-rise-furtherhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2022-03-08t152944z4lynxmpei270pdrtroptp4usa-biden-1736815986731-compressed.jpg) By Trevor Hunnicutt and Steve Holland WASHINGTON (Reuters) -U.S. President Joe Biden announced a ban on Russian oil and other energy imports on Tuesday in retaliation for the invasion of Ukraine, underscoring strong bipartisan [support for a move that he acknowledged would drive](https://www.financedigest.com/seenthis-joins-ad-net-zero-uk-and-supports-drive-in-the-us.html "SeenThis joins Ad Net Zero UK and supports drive in the US") up U.S. [energy prices](https://www.financedigest.com/ecb-survey-shows-rising-inflation-expectations-despite-energy-price-falls.html "ECB survey shows rising inflation expectations despite energy price falls"). We’re banning all imports of Russian [oil and gas energy,” Biden told reporters](https://www.financedigest.com/bank-funding-for-renewables-stagnates-vs-oil-and-gas-report.html "Bank funding for renewables stagnates vs oil and gas – report") at the White House. That means [Russian oil](https://www.financedigest.com/oil-prices-rise-after-opec-keeps-output-steady-russian-price-cap-imposed.html "Oil prices rise after OPEC+ keeps output steady, Russian price cap imposed") will no longer be acceptable in U.S. ports and the American people will [deal another powerful](https://www.financedigest.com/siemens-energy-signs-7-billion-eur-offshore-power-deal-with-tennet.html "Siemens Energy signs 7-billion-eur offshore power deal with TenneT") blow to (Russian President Vladimir) Putin’s war machine. [Oil prices jumped](https://www.financedigest.com/oil-jumps-on-lower-than-expected-us-inflation-data.html "Oil jumps on lower-than-expected US inflation data") on the news, with Benchmark Brent crude LCOc1 for May climbing by 5.4% to $129.91 a barrel by 1345 GMT. Biden has been working with allies in Europe, who are far more dependent on [Russian oil](https://www.financedigest.com/factbox-u-s-offers-new-details-on-plan-to-cap-russian-oil-prices.html "Factbox-U.S. offers new details on plan to cap Russian oil prices"), to isolate Russia’s energy-heavy economy and Putin. Britain announced shortly before Biden’s remarks that it would phase out the import of Russian [oil and gas by the end](https://www.financedigest.com/oil-set-to-end-turbulent-2022-modestly-higher.html "Oil set to end turbulent 2022 modestly higher") of 2022. Biden said [sanctions imposed by the United States and its allies had already caused the Russian](https://www.financedigest.com/new-u-s-sanctions-imposed-for-russian-bank-oligarchs-crypto-miner-bitriver.html "New U.S. sanctions imposed for Russian bank, oligarchs, crypto miner BitRiver") economy to “crater. He said the latest [moves had been made in close consultation with allies and partners](https://www.financedigest.com/exclusive-crypto-giant-binance-moved-400-million-from-u-s-partner-to-firm-managed-by-ceo-zhao.html "Exclusive-Crypto giant Binance moved 0 million from U.S. partner to firm managed by CEO Zhao") around the world. The United States imported more than 20.4 million barrels of crude and refined products a [month on average from Russia](https://www.financedigest.com/analysis-action-wanes-at-u-n-to-isolate-russia-almost-six-months-into-ukraine-war.html "Analysis: Action wanes at U.N. to isolate Russia almost six months into Ukraine war") in 2021, about 8% of U.S. liquid fuel imports, according to the Energy Information Administration, and the ban is expected to send already high gasoline [prices and inflation](https://www.financedigest.com/oil-ticks-up-as-u-s-inflation-cools-but-prices-set-for-monthly-drop.html "Oil ticks up as U.S. inflation cools, but prices set for monthly drop") soaring. The United States also [imports a negligible amount of coal](https://www.financedigest.com/factbox-europe-ramps-up-coal-imports-as-energy-supply-fears-grow.html "Factbox-Europe ramps up coal imports as energy supply fears grow") from Russia. Biden predicted [prices would rise further as a result](https://www.financedigest.com/immediate-lift-of-oxford-property-prices-to-result-from-new-direct-high-speed-rail-connection-with-london.html "“Immediate lift” of Oxford property prices to result from new direct high speed rail connection with London") of “Putin’s war,” but pledged to do all he could to minimize the impact on the American people. He also warned U.S. gas companies against exploiting the situation to engage in [profiteering or price](https://www.financedigest.com/syngenta-4q-profit-falls-as-raw-material-prices-increase.html "Syngenta 4Q profit falls as raw material prices increase") gouging. U.S. Senator Chris Coons said the administration was coordinating with [European allies “and making sure that we’ve done the groundwork to understand how to effectively implement a ban](https://www.financedigest.com/explainer-why-malaysia-is-considering-a-ban-on-palm-oil-exports-to-the-european-union.html "Explainer-Why Malaysia is considering a ban on palm oil exports to the European Union") on Russian energy. We are going to see [increased gas prices](https://www.financedigest.com/coca-cola-hbcs-annual-profit-beats-warns-of-price-increases.html "Coca-Cola HBC’s annual profit beats, warns of price increases") here in the United States. In Europe, they will see dramatic [increases in prices](https://www.financedigest.com/taylor-wimpey-espana-remain-cautiously-optimistic-as-average-selling-price-increases-by-20-4.html "Taylor Wimpey España ‘remain cautiously optimistic’ as average selling price increases by 20.4%"). That’s the cost of standing up for freedom and standing alongside the Ukrainian people, but it’s going to cost us,” Coons told CNN. The White House had been coordinating with U.S. congressional [leaders working on fast-tracking bipartisan legislation to ban Russian imports](https://www.financedigest.com/leaders-recognise-the-importance-of-green-transport-at-cop27-but-we-need-data.html "Leaders recognise the importance of green transport at COP27, but we need data"), but the ban of Russian imports would make any such bill moot. Republican lawmakers took to social media to welcome the decision, while criticizing Biden’s [green energy](https://www.financedigest.com/britains-tax-take-risks-blowing-green-energy-off-target.html "Britain’s tax take risks blowing green energy off target") policies, and calling for the administration to support more oil and gas production at home. U.S. Representative Susan Wild said Americans need to realize the larger sacrifice needed. Obviously nobody wants to pay more for gas,” Wild, a Democrat on the [House of Representatives Foreign Affairs Committee](https://www.financedigest.com/us-house-committee-chair-concerned-by-tesla-deals-in-china.html "US House committee chair ‘concerned’ by Tesla deals in China"), said on MSNBC. In announcing that it is phasing out imports of Russian oil and oil products by the end of 2022, Britain said it is giving the market and [businesses more than enough time to find alternatives to the imports](https://www.financedigest.com/the-importance-of-property-care-looking-after-your-business.html "The Importance of Property Care: Looking After Your Business"), which make up 8% of demand. The government will also work with companies through a new Taskforce on [Oil to support them to make use of this period in finding alternative supplies,”](https://www.financedigest.com/oil-prices-rise-as-china-eases-covid-curbs-u-s-storm-fuels-supply-worries.html "Oil prices rise as China eases COVID curbs, U.S. storm fuels supply worries") British Business and Energy Secretary Kwasi Kwarteng said. (Reporting by Trevor Hunnicutt, Steve Holland, Jeff Mason and Andrea Shalal; Editing by Heather Timmons and Alistair Bell) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---