Washington: US President Joe Biden on Tuesday announced a US ban on Russian oil and other energy imports, ramping up a pressure campaign on Moscow in retaliation for the invasion of Ukraine.
The move follows pleas by Ukrainian President Volodymyr Zelenskyy to US and Western officials to cut off the imports, which had been a glaring omission in the massive sanctions put in place on Russia over the invasion.
Energy exports have kept a steady influx of cash flowing to Russia despite otherwise severe restrictions on its financial sector.
European nations have said they plan to reduce their reliance on Russia for their energy needs, but filling the void without crippling their economies will likely take some time. Natural gas from Russia accounts for one-third of Europe's consumption of the fossil fuel. The US does not import Russian natural gas.
Biden had explained his reluctance to impose energy sanctions at the outset of the conflict two weeks ago, saying that he was trying to limit the pain the American people are feeling at the gas pump.
Gas prices have been rising for weeks due to the conflict and in anticipation of potential sanctions on the Russian energy sector.
The US national average for a gallon of gasoline soared 45 cents a gallon in the past week and topped USD 4.06 on Monday, according to auto club AAA.
The United States generally imports about 100,000 barrels a day from Russia, only about 5 per cent of Russia's crude oil exports, according to Rystad Energy. Last year, roughly 8 per cent of US imports of oil and petroleum products came from Russia.
Even before the US ban many Western energy companies including ExxonMobil and BP moved to cut ties with the Russia and limit imports. Shell, which purchased a shipment of Russian oil this weekend, apologised for the move on Tuesday amid international criticism and pledged to halt further purchases of Russian energy supplies. Preliminary data from the US Energy Department shows imports of Russian crude dropped to zero in the last week in February.
It's an important step to show Russia that energy is on the table, said Max Bergmann, a former State Department official who is now a senior fellow at the Democratic-leaning Center for American Progress.
Bergmann said it wasn't surprising that the US was able to take this step before European nations, which are more dependent on Russian energy.
While Russian oil makes up a small amount of overall US energy imports, the US could replace Russian crude with imports from other oil-rich nations, but that could prove politically problematic.
Key US senators are warning the Biden administration from seeking any oil import deal from the Nicolas Maduro regime in Venezuela.
The Biden administration's efforts to unify the entire world against a murderous tyrant in Moscow should not be undercut by propping up a dictator under investigation for crimes against humanity in Caracas, said Sen. Bob Menendez, D-NJ, the chairman of the Foreign Relations Committee, in a statement late Monday.
The democratic aspirations of the Venezuelan people, much like the resolve and courage of the people of Ukraine, are worth much more than a few thousand barrels of oil.
(With inputs from AP)
