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- Western countries mount more pressure on Russia, as the US bans Russian oil and the UK introduces a phase out
- US President Joe Biden has signed an executive order which will see Russian oil and energy imports banned immediately
- The UK will introduce a phase out of Russian oil by the end of the year
- The country announced the changes prior to Biden’s announcement and expects the phase out to allow enough time to find alternatives
- Oil prices have rocketed with Brent crude sitting at US$130 (A$178) per barrel
Western countries have mounted more pressure on Russia, with the US banning Russian oil imports and the UK introducing a phase out.
US President Joe Biden has signed an executive order which will see Russian oil and energy imports banned immediately, giving buyers 45 days to wind down existing contracts.
Mr Biden said the move aims to cripple Russia in retaliation for its invasion of Ukraine.
“We’re banning all imports of Russian oil and gas energy,” he said.
“That means Russian oil will no longer be acceptable in US ports and the American people will deal another powerful blow to Putin’s war machine.
“Russia may continue to grind out its advance at a horrible price, but this much is already clear: Ukraine will never be a victory for Putin.
“Putin may be able to take a city, but he’ll never be able to hold the country.”
The shift will also see new US investment in Russia’s energy sector banned.
US retail gasoline prices hit all-time highs on Tuesday with an average of US$4.17 (A$5.73) per gallon, according to the American Automobile Association.
In 2021, the US imported more than 20.4 million barrels of crude and refined products in an average month. According to the Energy Information Administration, this represents 8 per cent of US liquid fuel imports.
Europe is more dependent on Russian oil, but that hasn’t stopped the UK from introducing a phase out of the commodity by the end of 2022.
The country announced the changes prior to Mr Biden’s announcement and expects the phase out to allow enough time to source alternatives.
Oil prices have rocketed upon the news with Brent crude oil sitting at US$130 (A$178) per barrel.
