U.S. President Joe Biden announced a ban on Russian oil and other energy imports Tuesday in retaliation for the invasion of Ukraine.
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Biden made the announcement at a press conference in the White House's Roosevelt Room, saying Russian crude oil and refined products made from it will be denied entry to the U.S.
The developent is the latest in a series of moves designed to economically punish Russian President Vladimir Putin for his unprovoked invasion of Ukraine.
Oil prices have skyrocketed since the invasion. Russia is one of the biggest producers of oil in the world, responsible for roughly 10 per cent of global supply.
West Texas Intermediate has risen to nearly $130 US a barrel from under $100 a month ago.
Last year, U.S. imported 200,000 barrels a day
The U.S. imported roughly 200,000 barrels a day of Russian crude oil last year, and about twice that much of refined products, like fuel oil and other distillates. That makes up about 10 per cent of U.S. consumption every day. The administration says it's confident it can find alternative sources without any additional pain on the U.S. economy.
European nations are far more dependent on Russian oil and are not in any position to quickly replace that supplyxjmtzyw, which is why they have so far been reluctant to outright ban it.
"We're moving forward, understanding that many of our European allies may not be in a position to join us," Biden said. "We can take this step when others cannot."
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