"US Officially Bans Russian Crude Oil and Gas Imports to 'Inflict Pain' on Putin (Update)"

[Image source=Reuters Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] "This is a measure taken to inflict additional pain on Russian President Vladimir Putin." On the 8th (local time), U.S. President Joe Biden officially declared a ban on imports of Russian crude oil, natural gas, and coal.

President Biden announced this at the White House as an additional measure to hold Russia accountable for invading Ukraine.

President Biden stated, "The United States is targeting the main artery of the Russian economy," and added, "We will impose a full ban on imports of Russian crude oil, gas, and energy." He further explained, "This means Russian crude oil will no longer be accepted at U.S. ports," and "Americans will deliver another powerful blow to Putin's war machine."

This measure is being taken unilaterally by the United States. Initially, the U.S. had been discussing energy sanctions simultaneously with European allies, but some European countries, particularly Germany, which are highly dependent on Russia, have expressed opposition. On this day, President Biden also mentioned understanding that allies could not join. The United Kingdom, on the same day, announced ahead of the Biden administration a restriction on imports of Russian crude oil, planning to phase out imports by the end of 2022.

President Biden said, "There is a cost to defending freedom," acknowledging that the U.S. will bear burdens such as rising raw material prices. He stated, "There will be costs in the U.S. as well," but added, "Both Republicans and Democrats know this must be done."

Due to the recent rise in international oil prices, the U.S. gasoline consumer price hit a record high on this day. According to the American Automobile Association (AAA), the national average gasoline price was $4.173 per gallon in the morning, up $0.55 from a week ago and $0.72 from a month ago.

Russian crude oil accounts for about 3% of U.S. crude oil imports. Including petroleum products such as fuel oil needed for gasoline and diesel production, the figure is estimated at about 8%. The U.S. has reportedly been considering measures such as easing sanctions on Venezuela, resuming Iranian oil exports upon the conclusion of the nuclear deal (JCPOA), increasing oil production in the Middle East, and boosting domestic production to secure alternative crude oil if Russian oil imports are blocked.

International oil prices, which surpassed $130 per barrel on the night of the 6th, are increasing their gains again on this day. At 11:36 a.m. at the New York Mercantile Exchange (NYMEX), April delivery West Texas Intermediate (WTI) crude oil was trading at $128.13 per barrel, up $8.75 (7.31%) from the previous day.

This content was produced with the assistance of AI translation services.