
President Biden announced on Tuesday that the U.S. will ban the importing of Russian oil, liquefied natural gas and coal, broadening the economic sanctions leveled against Moscow over its war in Ukraine.
The decision to target Russia’s most lucrative industry despite the likelihood of higher energy prices at home comes as bipartisan support in Congress was coalescing behind such restrictions to punish Russian President Vladimir Putin for his unprovoked attack on the former Soviet republic.
In announcing the restrictions from the White House, Biden said the action was designed to target “the main artery of Russia’s economy,” adding that the ban would “deliver another powerful blow to Putin’s war machine.”
“Russian oil will no longer be accepted at US ports,” Biden said in a speech from the White House. “We will not be part of subsidizing Putin’s war.”
It is the first time the U.S. has gotten ahead of its European allies in sanctioning Russia. That could be because Europe relies far more heavily on Russian energy imports. The U.S. imports around 700,000 barrels of oil a day from Russia, accounting for less than 10% of the nation’s energy supply. Europe, which has not yet banned Russian energy, is far more reliant on it, importing more than 4 million barrels a day.