Biden Set To Announce U.S Ban On Imports Of Oil And Gas From Russia, Looking To Ease Sanctions On Venezuela

U.S President Joe Biden is set to announce today (Mar 8) a ban on all Russian oil imports to America

According to reports, the ban is likely to cover liquefied natural gas and coal. The decision was reportedly made in consultation with European allies. European nations, who have a heavy dependence on Russian energy supplies ,are not joining the ban

The move is expected to send gas prices even higher than the record $4.17 a gallon reported today.

The U.S sanctions on Russia has so far avoided its energy sector.

In 2021, U.S imported around 8% of its oil and refined products from Russia. The daily import from Russia is to the tune of 700,000 barrels. U.S imports over 50% of its oil and petroleum imports first from Canada.

“What the president is most focused on is ensuring we are continuing to take steps to deliver punishing economic consequences on [Russian President Vladimir] Putin while taking all action necessary to limit the impact to prices at the gas pump,” White House Press Secretary Jen Psaki said on Monday (Mar 7).

U.S is also in talks with Venezuela to ease sanctions imposed on the South American nation by the Trump administration in 2019. Former president Donald Trump imposed sanctions on Venezuela after declaring President Nicolas Maduro’s election victory a sham. Though it has one of the world’s largest oil reserves, Venezuela has been reeling under the impact of the sanctions.

The move to ban Russian energy has bipartisan support. Late last week a bipartisan group of senators put forward their own bill to ban Russian energy import