Bipartisan calls are growing on Capitol Hill for the United States to ban imports of oil from Russia over its invasion of Ukraine, but the White House stopped short of an outright ban -- and experts said the impact would be limited.
Some of Russia’s wealthiest billionaires and close allies of Vladimir Putin are the targets of new U.S. sanctions. The White House hopes financial pain will force Putin to end the war.Bipartisan calls are growing on Capitol Hill for the United States to ban imports of oil from Russia over
"Putin's major source of revenue is selling oil and gas and Biden's given an exception," Sen. Ted Cruz, R-Texas, said Wednesday."You can continue getting billions of dollars to fund the invasion of Ukraine."Russian President Vladimir Putin chairs a Security Council meeting via videoconference at the Novo-Ogaryovo residence outside Moscow, March 3, 2022.
The U.S. relies on Russian oil more than Russia depends on sending its oil to the U.S., with about 7 to 10% of the United States' imports of crude oil and petroleum products coming from Russia in recent years.But Cahill said the switch would be"manageable," with the U.S. potentially turning to countries like Mexico, Ecuador, Colombia and Canada to replace the Russian oil.
The group backing Manchin's proposal is bipartisan. Nine Republicans have signed on as co-sponsors. And Democratic supporters span the caucus from traditionally moderate members like Sen. Jon Tester, of Montana, to more progressive members like Hawaii Sens. Mazie Hirono and Brian Schatz, and Connecticut's Sen. Richard Blumenthal.
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