The oil embargo, Biden said, would target the main artery of Russia’s economy.
“The ban on Russian oil and gas has strong bipartisan support in the Congress and in the country.
“Americans have rallied to support the people of Ukraine and made it clear we will not be part of subsidizing Putin’s war.
“This decision today is not without costs here at home. Putin’s war is already hurting American families at the pump — and this will drive up costs further.
“So, I will take every step we can to minimise Putin’s price hike here at home,’’ he said.
Experts have, however, warned that oil prices may soar to an unprecedented rate following the US ban.
Recall, Russian President, Putin warned in a video broadcast that oil prices may hit $300 if the west imposes sanctions on the Russian energy sector.
To mitigate the effect, The U.S. president assured allies that in coordination with our partners, we had already announced a collective release of 60 million barrels of oil from our Strategic Petroleum Reserves— half of that from the United States.
“We’re taking steps to ensure a reliable supply of global energy. And we’re going to keep working with every tool at our disposal to protect American families and businesses.
“Let me say to the oil and gas companies and finance firms that back them: We understand that Putin’s war against the people of Ukraine is causing prices to rise.
“But that is no excuse for excess price increases, or padding profits, or any kind of effort to exploit this situation,’’ he said.
The British government has equally imposed sanctions on the Russian oil, vowing not to purchase crude from the Eastern European country. Putin has since described West sanctions on Russia as a declaration of war.
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