President Biden Bans Russian Goods

President Biden Bans Russian Goods

Mary C

President Biden announced Tuesday that the U.S. will ban imports of Russian oil and other energy products, but will not be joined in doing so by many European allies and partners. This move is expected to trigger sharply higher gasoline and other energy prices worldwide. From the White House, Biden said, “the United States is targeting the main artery of Russia’s economy.” He said this means, “the American people will deal with another powerful blow to Putin’s war machine.” This decision was made in close consultation. With going forward with the ban, Biden will have growing political pressure from both democrats and republicans. Originally, the White House had resisted and said that it was in the U.S. “strategic interest” to limit the world’s energy supply and raise gas prices. Biden’s announcement is likely going to make gas prices go even higher. About 8% of U.S imports of crude oil and petroleum products came from Russia last year as well as 3% of oil. White House officials also say that the impact of Russia will not be great, especially when its oil and gas sector is already “de facto sanctioned” because of harsh restrictions on Russian banks.