11/5/2023 0 Comments Joe biden twitter putin![]() Other legislation under consideration would suspend normal trade relations with Moscow, allowing Biden to levy tariffs on products from Russia and Belarus, Hoyer said. “There is general agreement that we need to take additional actions, and I think you will find that the stopping of buying Russian oil and energy products will be overwhelmingly passed in a bipartisan way,” the Democrat said. On the markets, crude oil futures extended gains, rising 4% to $124.21 in New York.ĭespite the executive action taken by Biden, the House majority leader, Steny Hoyer, told reporters the House would proceed with a vote on legislation banning Russian oil and energy imports, as part of what he called a unified effort by the administration and Congress “to impose the deepest consequences possible on Russian criminal behavior”. ![]() “The EU is likely to take a more considered approach and not announce a complete ban tomorrow, but look at ways to reduce its reliance on Russian energy.” ![]() The US does not import Russian natural gas.Ĭaroline Bain, chief commodities economist at Capital Economics, said: “In terms of impact on supply in the market it’s not going to be huge but it’s a big statement to be putting out there and there will be pressure exercised on larger consumers, including the EU. Natural gas from Russia accounts for one-third of European consumption. “We can take this step when others cannot, 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.” “We’re moving forward with this ban understanding that many of our European allies and partners may not be in a position to join us,” Biden said. Overall, Russian oil and petroleum products represented about 8% of US oil imports.Įuropean countries have a far greater reliance on Russian oil and gas, and Biden said America’s allies would probably be unable to issue an import ban. That means Russian oil will no longer be acceptable at US ports, and the American people will deal another powerful blow to Putin’s war machine.”Īs recently as Sunday, the Biden administration appeared not to be in favor of a move critics of Russia say is the best – perhaps only – way to force Moscow to pull back.īut on Tuesday, Biden noted the Russian oil ban had attracted “strong bipartisan support” in Congress.Īccording to the US Energy Information Administration, Russian oil made up about 3% of all crude shipments to the US last year. “We’re banning all imports of Russian oil and gas and energy. “Today I’m announcing the United States is targeting the main artery of Russia’s economy,” Biden said at the White House.
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