November 24, 2024 05:50 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Mahayuti routs MVA in Maharashtra, INDIA retains Jharkhand; Priyanka's triumphant poll debut | How can Mahayuti win over 200 seats? Sanjay Raut cries foul over Maharashtra mandate | 'Third World War has begun:' Ex-Ukraine military commander-in-chief Valery Zaluzhny | UK-India Free Trade Agreement negotiations to resume in early 2024 | UK can arrest Benjamin Netanyahu if he visits country based on ICC warrant
Ukraine war: US imposes ban on imports of Russian oil, liquefied natural gas
Joe Biden
Image credit: Videograb of Joe Biden's address

Ukraine war: US imposes ban on imports of Russian oil, liquefied natural gas

| @indiablooms | 09 Mar 2022, 12:02 am

Washington/IBNS: US President Joe Biden Tuesday announced a ban on imports of Russian oil, liquefied natural gas and coal to his country, calling it a "significant action with widespread bipartisan support that will further deprive (Russian) President (Vladimir) Putin of the economic resources" over his decision to continue the war against Ukraine.

The United States made this decision in close consultation with its allies and partners around the world, as well as Members of Congress of both parties.

"The United States is able to take this step because of our strong domestic energy infrastructure and we recognize that not all of our Allies and partners are currently in a position to join us," Biden said while imposing the ban.

"But we are united with our Allies and partners in working together to reduce our collective dependence on Russian energy and keep the pressure mounting on Putin, while at the same taking active steps to limit impacts on global energy markets and protect our own economies," he said.

Emergency service staff of Ukraine during rescue operation after a building was hit by heavy shelling on the 13th day of Russian Emergency service staff of Ukraine during rescue operation after a building was hit by heavy shelling on the 13th day of Russian 'Special Military Operation' in Ukraine, in Mykolayiv / UNI

With this ban, Americans will also be prohibited from financing or enabling foreign companies that are making investments to produce energy in Russia.

"This announcement builds on unprecedented economic costs the United States and our Allies and partners have imposed on Russia. As a result of our historic, multilateral coordination, Russia has become a global economic and financial pariah," Biden announced.

Over 30 countries representing well over half the world’s economy have announced sanctions that impose immediate and severe economic costs on Russia, cut off access to high-tech technology, sap its growth potential, and weaken its military for years to come, he said.

Slamming Putin's "needless war of choice", President Biden said, "The United States and governments all over the world are going after Putin’s cronies and their families by identifying and freezing the assets they hold in our respective jurisdictions – their yachts, luxury apartments, money, and other ill-gotten gains."

Last year, the U.S. imported nearly 700,000 barrels per day of crude oil and refined petroleum products from Russia and this step, according to Biden, will deprive Russia of billions of dollars in revenues from U.S. drivers and consumers annually.

Putin’s declaration of war on Ukraine has led to higher energy prices and raised costs for Americans at home.

President Biden Tuesday promised that he will keep working to mitigate the pain American families feel at the pump and reduce our dependence on foreign oil and fossil fuels.
 

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Images
Xi Jinping, Putin in Russia 22 Mar 2023, 02:56 pm
Related Videos