The Biden Administration announced a U.S. ban on imports of Russian oil Tuesday, as economic sanctions snipped more Kremlin links to the global economy. Oil stocks climbed to recent highs. Oil prices soared.
“Today I am announcing the United States is targeting the main artery of Russia’s economy. We’re banning all imports of Russian oil and gas and energy,” President Joe Biden said. “That means Russian oil will no longer be acceptable at U.S. ports and the American people will deal another powerful blow to Putin’s war machine.”
European allies, who are highly dependent on Russian natural gas, are unlikely to join in. But an earlier AP report said that the White House worked in “close consultation with European allies.“
The U.K. announced Tuesday that it would phase out the import of Russian crude throughout the year as it adjusts supply chains and look for alternative energy…
