US President Joe Biden stated on Tuesday that the US will no longer accept the importation of Russian oil, the latest restriction imposed on Russia in response to its invasion of Ukraine.
News Agency of Nigeria
Russian oil will no longer be received at US ports, according to Biden, who announced the embargo from the White House.
The oil embargo, according to Biden, would attack Russia’s primary economic artery.
“The ban on Russian oil and gas has strong bipartisan support in the Congress and in the country.
“Americans have rallied to support the people of Ukraine and made it clear we will not be part of subsidizing Putin’s war.
“This decision today is not without costs here at home. Putin’s war is already hurting American families at the pump — and this will drive up costs further.
“So, I will take every step we can to minimise Putin’s price hike here at home,’’ he said.
The US president stated that, in collaboration with our allies, we had previously announced a joint release of 60 million barrels of oil from our Strategic Petroleum Reserves, half of which came from the US.
“We’re taking steps to ensure a reliable supply of global energy. And we’re going to keep working with every tool at our disposal to protect American families and businesses.
“Let me say to the oil and gas companies and finance firms that back them: We understand that Putin’s war against the people of Ukraine is causing prices to rise.
“But that is no excuse for excess price increases, or padding profits, or any kind of effort to exploit this situation,’’ he said.
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