Joe Biden, the president of the United States of America (USA), announced on Tuesday that he is imposing an immediate ban of Russian oil and all other energy, in retaliation of the invasion of Ukraine. The decision comes after the US president received support from the American voters and law makers.
The move will not only affect the Russian people, but Biden has also warned that this will come at a cost as the price of petrol will increase. Washington gives companies 45 days to terminate their contracts with Russia and the new order does not allow any investment in Russian energy. American companies that invest in Russian energy are banned and all the contacts associated with Russian energy will be terminated.
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“We’re banning all imports of Russian oil and gas energy,” Biden told members of the media at the White House. “That means Russian oil will no longer be acceptable in US ports and the American people will deal another powerful blow to Vladimir Putin’s war machine”.
Biden has been working together with the European allies who depend on Russian gas to find alternatives as the target is to move the allies away from purchasing oil and gas from the Russians. The allies are working together to find ways to sanction Putin and force him to call his troops out of Ukraine and end the war. Britain has also announced that it will be phasing out the imports of Russian oil and gas by the end of 2022.
Source: IOL, Reuters, Wall Street Journal, image from IOL
