Saturday, December 9, 2023

Biden announces ban on Russian oil, UK to phase out Russian oil imports by end of 2022

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US President Joe Biden has announced a US ban on Russian oil and other energy imports, ramping up a pressure campaign on Moscow in retaliation for the invasion of Ukraine.

“This is a step we are taking to inflict further pain on Putin,” Biden said.

The US president said he understood many allies will not be able to take a similar step due to their reliance on Russian oil.

“We are enforcing the most significant package of sanctions in history,” he said.

The average price of gasoline in the US has hit a record $4.17 per gallon as the country announced the ban on Russian oil imports.

Britain will phase out imports of Russian oil and oil products by the end of 2022, Prime Minister Boris Johnson has announced.

“In another economic blow to the Putin regime following their illegal invasion of Ukraine, the UK will move away from dependence on Russian oil throughout this year, building on our severe package of international economic sanctions,” Johnson said in a statement.

“We are confident that this can be achieved over the course of the year, providing enough time for companies to adjust and ensuring consumers are protected.”

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