The United States will ban the import of Russian crude oil, natural gas and coal, thereby putting new pressure on Moscow in retaliation for the invasion of Ukraine, US President Joe Biden announced in his speech at the White House on Tuesday.

“Today I am announcing that the United States is targeting the main powerhouse of the Russian economy. We will ban the import of Russian crude oil, natural gas and all energy carriers," Biden said. "This means we will no longer accept Russian crude oil at US ports, and the Americans will deal another powerful blow to Putin's war machine," the president added.

He emphasized that this decision was made by Washington in "close consultation" with its allies. "We do not agree to support Putin's war," he said.

Biden announced that the new sanctions "will have costs in the United States as well." The president put it this way: "protecting freedom will cost us money too." He drew attention to the fact that both the Democratic and Republican representatives of the legislature accepted this and agreed that "we have to do this".

The president acknowledged that the Russian invasion of Ukraine is already affecting American families, for example due to rising fuel prices. "Putin's war is already hitting American families at gas stations. Since he started to march his military units on the Ukrainian border, since then the price of gasoline (per gallon) has increased by 75 cents in America and now it will continue to increase," said Biden, who added that everything will be done to moderate the price increase.

Speaking to American oil and gas companies, Biden warned that the war "is not an excuse for excessive price increases" and that the government will not allow them to "exploit" American consumers. "This is no time for profiteering and overcharging," the president said.

Crude oil from Russia accounts for a relatively small percentage of US imports, with most crude coming to America from Canada. Last year, the United States imported nearly 700,000 barrels of crude oil per day from Russia, while its daily consumption needs are 20 million barrels.

Biden also reported that the United States has already provided more than $1 billion worth of security assistance to Ukraine. "Every day, shipments of defense weapons arrive in Ukraine from the United States (...) and we also provide humanitarian support to the Ukrainian people," he said.

According to the US president, Russian President Vladimir Putin will never occupy all of Ukraine. “Putin seems determined to continue his murderous ways at any cost. He has already made two million Ukrainians refugees, but he will never win," he added. At the same time, Biden expressed appreciation to the Ukrainian people for their resistance to the war.

MTI

Photo: MTI/AP/Carolyn Kaster