President Joe Biden announces a ban on US imports of Russian oil, toughening the toll on Moscow’s economy in retaliation for its invasion of Ukraine
Biden has also cautioned the US energy industry against “excessive price increases” and exploiting consumers.
Biden acknowledged that the move — seen as his administration's most far-reaching action yet to punish Moscow's invasion — will bring costs to Americans, particularly at the gas pump. 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.
Inflation is at a 40-year peak, fuelled in large part by gas prices, and that could hurt Biden heading into the November midterm elections. Tuesday's decision followed pleas by Ukrainian President Volodmyr Zelenskyy to Western officials to cut off the oil imports, which had been a glaring omission in the massive sanctions imposed on Russia.