shot-button
Ganesh Chaturthi Ganesh Chaturthi
Home > News > World News > Article > US bans Russian oil imports as Joe Biden warns of costs

US bans Russian oil imports as Joe Biden warns of 'costs'

Updated on: 08 March,2022 10:30 PM IST  |  Washington
AP |

'We will not be part of subsidising Putin's war,' Biden declared, calling the new action a 'powerful blow' against Russia's ability to fund the ongoing offensive

US bans Russian oil imports as Joe Biden warns of 'costs'

Joe Biden. File Pic

President Joe Biden announced that the US will ban all Russian oil imports, toughening the toll on Russia's economy in retaliation for its invasion of Ukraine, but he acknowledged it will bring costs to Americans, particularly at the gas pump.


The action 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 stream of cash flowing to Russia despite otherwise severe restrictions on its financial sector.


"We will not be part of subsidizing Putin's war," Biden declared, calling the new action a "powerful blow" against Russia's ability to fund the ongoing offensive. He warned that Americans will see rising prices, saying, "Defending freedom is going to cost."


Biden said the US was acting in close consultation with European allies, who are more dependent on Russian energy supplies. The European Union this week will commit to phasing out its reliance on Russia for energy needs as soon as possible, but filling the void without crippling EU economies will likely take some time.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!

Register for FREE
to continue reading !

This is not a paywall.
However, your registration helps us understand your preferences better and enables us to provide insightful and credible journalism for all our readers.

Mid-Day Web Stories

Mid-Day Web Stories

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK