President Joe Biden will announce this Tuesday an embargo on American imports of Russian oilin response to Moscow’s invasion of Ukraine, the American press reported.
(Follow the minute by minute of the war between Russia and Ukraine here).
The White House reported on his side that Biden will speak at 3:45 p.m. GMT to “announce actions to continue to sanction Russia for its unprovoked and unjustified war against Ukraine.”
According to US media, the ban will include Russian oil and liquefied natural gas. Washington’s European allies, which are more dependent on Russian energy than the United States, will not participate, at least for now.
(Also: End to oil sanctions?: the possible agreement between the US and Venezuela)
Russia accounts for less than 10% of US imports of oil and crude oil products, meaning the shock to the world’s largest economy would be easier to bear.
Although Americans are worried about inflation, and now about rising oil prices, which are hurting Biden’s popularity with voters, the Democratic Speaker of the House of Representatives, Nancy Pelosi, supports this embargo and a increased tariffs on other Russian products to “further isolate Russia from the global economy”.
(Also read: Zelensky reappeared in his office: “I’m not afraid of anyone”)
But he is also in favor of taking steps to lower oil prices, including releasing more crude from the US strategic reserve.
“Let me be clear: the United States does not need to choose between our democratic values and our economic interests,” he says in a letter to congressmen. Oil prices have risen about 30% after the Russian invasion of Ukraine and Brent crude was around $130 on Tuesday.
AFP
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