Amid rising gas prices, President Biden declares that Russian oil, gas and energy exports will no longer be accepted at US ports.
RELATED: Russian antiwar protests continue to defy mass arrests
The president said he made the decision in consultation with European allies but added they may not be in a position to join the U.S. in banning Russian energy imports. He said the U.S. is working closely with European allies to develop a “long-term strategy” to reduce their dependence on Russian energy.
U.S. and European allies had previously insulated Russian oil from the sweeping economic sanctions placed on Moscow, citing its effect on the global energy markets. But the ban is expected to deliver a devastating blow to the Russian economy, which relies on oil and gas production for more than 40% of the country’s revenue.
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