Oil prices spiked to their highest levels since 2008 on Tuesday after the U.S. announced it would ban imports of Russian oil.
“Today I’m announcing the United States is targeting the main artery of Russia’s economy for banning all imports of Russian oil and gas and energy,” said President Joe Biden in a press conference.
That means Russian oil would not be accepted in U.S. ports, Biden added.
The ban could go into effect without the participation of European allies, who “may not be in a position to join” the U.S., Biden said. The U.K. announced it would phase out Russian oil and oil products by the end of 2022, while the European Union said it was planning to reduce the continent’s reliance on Russian gas by the end of the year.
Biden acknowledged that while the ban could “inflict further pain on Putin,” there will also be cost in the U.S.
The Biden…
